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Economic Review, August 2008

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  • Anis Chowdhury

    (Office for National Statistics)

Abstract

Monthly review of economic and labour market trends in the UK.GDP output slowed in 2008 quarter two compared with the previous quarter. Growth was driven by modest service sector output, offset by weaker total production growth. Manufacturing output contracted in the latest quarter following positive growth in the previous quarter. On the expenditure side, household spending strengthened whilst business investment weakened in quarter one compared with the previous quarter. The current account deficit narrowed in quarter one. The goods trade deficit narrowed in the latest quarter. The labour market showed further signs of weakening in 2008 quarter two; average earnings remain relatively subdued. Public sector finances deteriorated in June 2008. Consumer price inflation accelerated further in June 2008 and was considerably above the Government’s inflation target. Producer output and input price inflation accelerated in 2008 quarter two. Economic & Labour Market Review (2008) 2, 6–14; doi:10.1057/elmr.2008.116

Suggested Citation

  • Anis Chowdhury, 2008. "Economic Review, August 2008," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 2(8), pages 6-14, August.
    • Handle: RePEc:pal:ecolmr:v:2:y:2008:i:8:p:6-14
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