UK PMI surveys point to post-election economic rebound

The UK PMI surveys indicate that the pace of economic growth rebounded in June, recovering from what appears to have been a brief lull caused by the general election. Slower growth in a manufacturing sector that continues to be hurt by the strength of sterling was offset by faster rates of expansion in services and construction, suggesting GDP growth will accelerate from 0.4% in the first quarter of the year to 0.5% in the three months to June.