UK Consumer Credit Increases Sharply
The Bank of England (BoE) has just published a monthly update on a range of economic indicators relating to the UK’s money supply.
Consumer Credit in the month of March almost doubled from the previous month. Individuals in the UK borrowed £1.13Bn, significantly more than February’s figure of £0.58Bn and far exceeding an expected number of just £0.6Bn.
The Net Lending To Individuals figure also rose accordingly, coming in at £2.9Bn during the month of March compared to just £2.1Bn in February. Market consensus was for a number closer to £2.3Bn.
Despite the expansion in Consumer Credit during March, Mortgage Approvals fell slightly from the previous month. In total 67,135 new mortgages were granted in the month compared with a figure of 69,595 in February. Market expectations were for a rise in Mortgage Approvals to over 71,000.
Earlier this morning the Nationwide Housing Prices index showed a further increase in the value of UK residential property. Month on month the index increased 1.2%, this represents an increase over the previous month’s figure of 0.5%. Year on Year British house prices have risen 10.9%.
Overall the UK’s Money Supply contracted during the month of March, the Bank of England has just announced that M4 has shrunk by 2.3% month on month, this is a surprise following February’s 0.7% expansion and markets had been expecting a further expansion of about 0.9%. Year on year the M4 Money Supply measure is showing to be down 0.3% in March following a 0.9% rise in February.
Unrelated to money supply, Markit Economics also release a valuable statistic this morning. The Markit Manufacturing Purchasing Managers Index provided a further update to sentiment within the UK’s important industrial sector. Today’s reading showed a further increase to 57.3, up from 55.8 the previous month, markets had expected a slight fall in this number to 55.4.
- Stocks Notch Up Losses for a Third Consecutive Session 1 view
- Veeco Launches EPIK700 MOCVD System to Accelerate Adoption of Solid-State Lighting 1 view
- Loonie Poised to Gain Ground on Strong Employment Report 1 view
- Mellanox Provides Leading Application Performance with FDR InfiniBand for HPC-Purpose Built Dell PowerEdge C4130 1 view
- Harris Warsaw Joins Pitney Bowes as Senior Vice President of Sales, Global SMB Solutions 1 view
- US Housing Data Steps into the Spotlight 1 view
- Steady Reading On French Inflation 1 view
- AUD/USD climbs ahead of the Reserve Bank of Australia 1 view
- Sam’s Club to Offer LifeLock(R) Identity Theft Protection 1 view
- FOREX Watch: US dollar breaks sticking point 1 view
|Forex Broker Spreads »|
|Most Popular Articles »|
- Christopher Brody to Step down From Intuit Board of Directors; Richard Dalzell Nominated 1 view
- US Industrial Production Growth Stalls 1 view
- LNB Bancorp, Inc. Shareholders Vote to Approve Merger with Northwest Bancshares Inc. 1 view
- Sterling Slides as Minutes Reveal Hawkish Central Bank that is Not Yet Ready to Act 1 view
- US Dollar Steadies at 6-Year Highs 1 view
- Philips Selects Revolutionary Voice Recognition Software from VoiceItt as Winner of Annual Innovation Fellows Competition 1 view
- US Pension Fund Fitness Tracker: No Reversal in Q4, Funding Ratios Decline for Fourth Consecutive Quarter 1 view
- Exactech Launches Octane(R) Elevate Peek Spacer System For Lumbar Interbody Fusion Procedures 1 view
- Euro Declines on Weak PMI Ahead of Jobs Report, RSI is Oversold 1 view
- JPY weaker on BoP, SEK inflation in focus 1 view