This document from the Office of National Statistics (ONS) makes interesting reading. Check it out!
If you look at the data, you will see that the UK has missed a negative Q1 by a whisker, with 0.3% growth overall. A negative Q1 combined with negative Q4 2012 is officially a recession; given the room for statistical accuracy and subsequent revision, the UK is flat-lining if not in negative growth.
Look a little deeper at the performance by sector and there is room for serious alarm. The overall results have been influenced by growth from the service sector; look at the detail and even the service sector is skewed strongly by legal services and Government Services which are mentioned. What is really worrying is the negative trend line for construction and production.
The overall result will probably provide some wriggle room for UK Chancellor, George Osborne, but the underlying data should provide room for serious concern.
So apart from probably record bonuses for lawyers, a worrying quarter for most. Parents and young people will get little encouragement from this data.
Here are some simple questions:
- What about exports?
- What about investment?
- What about employment?
- What about labor costs?