Services PMI Strong

pmi-services-jump

The pound has jumped again on the back of strong numbers from the services sector. When the jobs data came in strong last month Remainers said that manufacturing was cratering and that would translate into job losses later. Then when the manufacturing PMI came in strong the Remainers said that it was actually services that were being hammered. This morning saw the biggest jump in the PMI services number on record…

So Remainers are running out of bad news. We have gone from the Brexit vote leading to a “global economic shock” requiring an emergency budget to “it is too soon to tell”, “Brexit hasn’t happened yet”. Yet when stocks went down (they are now higher) it was immediate evidence, when the pound went down it too was immediate evidence. These moves were all based on expectations conditioned by politicians and economists who have been proved wrong as the economic data comes in. Every new data point proves them demonstrably wrong.

And what about the 71% of City economists who predicted a recession this year? Not one has taken up Guido’s offer of a £1,000 bet…




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Philip Hammond uses a trip to Berlin to mock the Foreign Secretary:

“A compromise is the art of dividing a cake in such a way that everyone believes he has the biggest piece. Wise words with some applicability to the Brexit negotiations although I try to discourage talk of “cake” amongst my colleagues.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Meltdown After Nuclear Power Plant Holds Bikini Contest to Choose Interns Meltdown After Nuclear Power Plant Holds Bikini Contest to Choose Interns
Sunday Shows Sunday Shows
The Economist’s Lack of Intelligence Unit The Economist’s Lack of Intelligence Unit
Happy Independence Day! Happy Independence Day!
Exporters Order Books at 29 Year High Exporters Order Books at 29 Year High
“Soft” and “Hard” Brexit Terms Obsolete “Soft” and “Hard” Brexit Terms Obsolete
Could Sinn Fein Make Corbyn PM? Could Sinn Fein Make Corbyn PM?
Russell Brand Has Endorsed Corbyn And The Tories Won’t Be Worried Russell Brand Has Endorsed Corbyn And The Tories Won’t Be Worried
Clegg Spinning Brexit Doom Report Clegg Spinning Brexit Doom Report
Taxpayers’ Alliance Updates Iconic Tory Poster Taxpayers’ Alliance Updates Iconic Tory Poster
Liar Clegg Brillo’d Liar Clegg Brillo’d
Just 22% Still Support Remain Just 22% Still Support Remain
McDonnell Denies Being Marxist McDonnell Denies Being Marxist