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A couple of data points out of the UK.

Lloyds Business Barometer fell in June, to 28

Also, car production rose for the first time in 10 months. +13.3% y/y in May, Society of Motor Manufacturers and Traders (SMMT) data. Info via Reuters:

  • “May’s return to growth for UK car output is hugely welcome after 10 months of decline, indicating the sector’s fundamental resilience,” SMMT Chief Executive Mike Hawes said. “Any recovery, however, will be gradual as supply chain deliveries remain erratic, business costs volatile and geopolitical instability still very real.”
  • overall output number was still 46.3% below the pre-pandemic month in 2019
  • sector struggling to ramp up production in the face of parts shortages, rising costs and disruption caused by Russia’s invasion of Ukraine.



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