ECONOMICS

Leading Indicators | The rocky road to recovery

Discover key economic and financial metrics, and what to look out for in the week ahead.
Written By:
Khadija Hussain, Knight Frank
1 minute to read
Categories: Topic Economics Forecast World Regions UK London

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Here we look at the European leading indicators in the world of economics.

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UK GDP grew +0.6% in the first quarter of 2024, its fastest pace since Q4 2021

The UK economy expanded by its fastest pace since Q4 2021, at +0.6% growth in Q1 2024, following a -0.3% decline in the previous quarter. This rebound suggests the UK economy might be on the road to recovery, if sustained. Meanwhile, April’s PMI data signals a robust start to Q2 2024, with the latest services PMI rising to an 11-month high.

UK labour market continues to loosen

The UK unemployment rate edged up to 4.3% in March, from 4.2% in the month prior, and in line with expectations. Wage growth (excl. bonuses) remained unchanged, yet private sector wage growth slowed to +5.9%. The latest figures indicate the labour market is losing some of its heat, with markets now pricing in a 52% chance of a June interest rate cut.

Mental Health Awareness Week: What’s on people's mind?

According to the ONS, the primary concerns among adults were the cost of living (89%), the NHS (88%), and the economy (70%). These concerns have consistently ranked as the top three issues since October 2022. Other commonly reported issues were housing (64%), climate change and the environment (60%) and crime (60%).

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