Bank of England: No evidence of sharp post-referendum downturn

 
More Than Mortal
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The Telegraph.

Quote
The pound has extended its gains against the dollar and is now up 0.6pc on the day at $1.3194 following a strong jobs report and the Bank of England agents report.

Jasper Lawler, of CMC Markets, said: "​The positive labour market data surprise coupled with the Bank of England saying it sees “no evidence of a sharp slowing of activity” after the referendum triggered gains in the British pound. The ONS was careful to point out that data was collected before the vote was known, but it now seems undeniable that there was no slowdown in economic activity as a result of uncertainty before the referendum.

The question that remains unanswered is whether the economy has begun to slow afterwards. Still, based on available data, the Bank of England has scant evidence to justify a big easing of monetary policy. Retail sales on Thursday will be the next test."


 
 
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This is the way the world ends. Not with a bang but a whimper.
Am I reading this wrong or does this just say that the uncertainty before the referendum didn't result in sharp economic downturn, with there not yet being sufficient recent data to judge the reaction to the actual Brexit vote?
Wow, rereading that quote from the Telegraph just made me clock how poorly written it is. It seems to contradict itself literally within two sentences.

EDIT: I think it means strong labour market data before the referendum, and the BoE saying it sees no sharp downturn after the referendum, are both at play.
Last Edit: July 21, 2016, 06:46:05 AM by Meta Cognition