U.K. Data Resilient in Initial Defiance of Brexit Gloom: Chart

Brexit Effect Missing So Far From U.K. Economic Data

Initial reports show the U.K. economy has shrugged off a decision to quit the European Union, with retail sales surging in July and the jobs market showing resilience. That’s helped push Citigroup Inc.’s Economic Surprise Index -- which measures whether data beat economists’ forecasts -- to the highest since 2013. While there’s only a week’s worth of figures so far, markets have pared their bets on the likelihood of a rate cut, seeing a 27 percent chance of a reduction by November, compared with 35 percent on Aug. 4, when the Bank of England said most of its nine policy makers thought the benchmark would be lowered from 0.25 percent by the end of the year.

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