Economic week ahead
A recordbreaking plunge in economic activity is expected to be followed by a record-breaking surge when May’s GDP figures are unveiled tomorrow.
Forecasters have predicted output will jump 5.3pc compared to the previous month as the economy started to reopen.
That will put a small dent in the 20pc plummet in GDP recorded during lockdown in April but analysts expect the recovery to continue gathering pace as shops, pubs and restaurants reopen. The pace of the rebound will be watched closely with Bank of England chief economist Andy Haldane arguing that a V-shaped recovery is on the horizon.
Elsewhere, more hints on the blow Covid-19 has dealt the jobs market will be released on Thursday.
Wage growth is expected to turn negative for the first time in six years. City forecasters expect average weekly earnings including bonuses to fall 0.5pc in the three months to May compared to a year earlier, a slump bigger than any seen in the financial crisis.