02 September 2016 at 2:02 GMT
Funny, that. The “experts” were not just a little bit wrong but horrendously, hopelessly so. The Markit/CIPS Purchasing Managers’ Index (PMI) jumped to a 10-month high of 53.3 in August, after tumbling to a three-year low of 48.3 in July in the immediate aftermath of the Brexit vote; it was the biggest month-on-month surge in a quarter of a century and one that confounded the doom-mongers, yet again. Yet not a single one of the well-paid economists polled by Bloomberg even came close to predicting the extent of the rebound, driven in part by the lower pound: just three forecast any growth at all (a modest rise to just 50.5, as it happens, which at least got the direction of travel right).
Read full article at The Telegraph