Analysts have begun to raise their 2013 growth forecasts as the data has continued to improve. A survey of the services sector (worth 75% of the economy) jumped to its highest level in over a year in May, helped by the fastest rate of new business growth in over three years. The construction and manufacturing sectors have also returned to growth. Industrial output expanded for the third month in a row in April. Consumer confidence has reached a six-month high and overall consumer expenditure expanded by an annual 1.3% in May. The labour market has improved slightly, with the claimant count easing to a two-year low.
What the commentators said
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