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Old 01-26-2011, 09:25 AM
 
Location: North Cackelacky....in the hills.
19,567 posts, read 21,875,929 times
Reputation: 2519

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Quote:
The UK's economy suffered a shock contraction of 0.5% in the last three months of 2010, figures have shown.
The severe weather hit activity in the quarter, but the Office for National Statistics (ONS) said even if the weather impact had been excluded, activity would have been "flattish".
Quote:
The contraction took economists by surprise, as forecasts had been for growth of between 0.2% and 0.6%.
The construction industry was a large contributor to the fall, with activity decreasing by 3.3% in the quarter.


"This is a horrendous figure. An absolute disaster for the economy. We knew that retail sales were heavily affected and that services output would be weak, but the collapse in construction was a major contributor to the downside surprise," said Hetal Mehta from Daiwa Capital.
BBC News - UK economy suffers 0.5% contraction
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Old 01-26-2011, 09:39 AM
 
499 posts, read 405,346 times
Reputation: 87
Wait til April when the cuts will be felt and then the moaning and bitching will really start.

I reckon they must have known and this is just well thought out spin.

Also, I don't know how they were expecting construction to continue in the snow.
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Old 01-26-2011, 09:46 AM
 
Location: North Cackelacky....in the hills.
19,567 posts, read 21,875,929 times
Reputation: 2519
EVERY time the economy worsens here,it is a 'surprise' or 'unexpected'....

You would think people might stop listening to such 'experts'....
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Old 01-26-2011, 10:41 AM
 
499 posts, read 405,346 times
Reputation: 87
Quote:
Originally Posted by oz in SC View Post
EVERY time the economy worsens here,it is a 'surprise' or 'unexpected'....

You would think people might stop listening to such 'experts'....
Hah! They must at least have an educated guess.
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