Economic Review, September 2008

Anis Chowdhury
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Anis Chowdhury: Office for National Statistics

Economic & Labour Market Review, 2008, vol. 2, issue 10, 6-14

Abstract: Monthly review of economic and labour market trends in the UK.Gross Domestic Product (GDP) output slowed in 2008 quarter two compared with theprevious quarter - driven by slowing and subdued service sector output, together with aweakening in total production growth. Manufacturing output contracted sharply in the latestquarter following positive growth in the previous quarter. Construction output also declined inquarter two compared with a rise in the previous quarter.On the expenditure side, household spending weakened in the latest quarter, recordingvirtually fl at growth, while business investment growth continued to display weakness,contracting for the second successive quarter. The current account defi cit widened in quartertwo. The goods trade defi cit narrowed slightly in the latest quarter. The labour market showedfurther signs of weakening in 2008 quarter two and going into the third quarter; averageearnings remain relatively subdued. Public sector fi nances deteriorated in August 2008.Consumer price infl ation increased further in August 2008 and was considerably above thegovernment’s infl ation target. Producer output and input price infl ation accelerated in 2008quarter two and despite easing, continued to present infl ationary threats in August 2008. Economic & Labour Market Review (2008) 2, 6–14; doi:10.1057/elmr.2008.148

Date: 2008
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