Economic Review, September 2008

Anis Chowdhury
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Anis Chowdhury: Office for National Statistics

Economic & Labour Market Review, 2008, vol. 2, issue 9, 6-14

Abstract: Monthly review of economic and labour market trends in the UK.GDP output slowed in 2008 quarter two compared with the previous quarter – driven byslowing and subdued service sector output, together with a weakening in total productiongrowth. Manufacturing output contracted sharply in the latest quarter following positivegrowth in the previous quarter. On the expenditure side, both household spending andbusiness investment weakened in quarter two compared with the previous quarter. The currentaccount defi cit narrowed in quarter one. The goods trade defi cit narrowed in the latest quarter.The labour market showed further signs of weakening in 2008 quarter two; average earningsremain relatively subdued. Public sector fi nances deteriorated in July 2008. Consumer priceinfl ation accelerated further in July 2008 and was considerably above the Government’sinfl ation target. Producer output and input price infl ation accelerated in 2008 quarter two andremained buoyant in July 2008. Economic & Labour Market Review (2008) 2, 6–14; doi:10.1057/elmr.2008.132

Date: 2008
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