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Tag: economy

UK economy slows as car sales fall

UK economy slows as car sales fall

Business
Growth in the UK's economy has slowed as car sales fell and the manufacturing sector stalled, the Office for National Statistics (ONS) has said.The economy grew by 0.4% in the three months to October, slower than the 0.6% in the three months to September."GDP growth slowed going into the autumn after a strong summer, with a softening in services sector growth mainly due to a fall in car sales," said the ONS's Rob Kent-Smith.GDP grew by 0.1% in October.Mr Kent Smith, who is head of national accounts at the ONS, said there had been strong growth in IT and accountancy which had offset the fall in car sales.However, he added: "Manufacturing saw no growth at all in the latest three months, mainly due to a decline in the often-erratic pharmaceutical industry."C...
Economy resilient but cold winter lies ahead

Economy resilient but cold winter lies ahead

Business
The economy is growing at the fastest rate since the end of 2016.Not just that, the growth came from almost every part of the economy. Unlike in many previous quarters, where the economy was kept afloat primarily by a strong performance from the dominant services sector, this time around the only sector of the economy to shrink was the government. There is, as yet, little evidence from the national accounts that companies across the UK are doing much stockpiling.For all the scare stories about panicked building up of inventories, the numbers show that across the economy these are increasing only very slightly.Moreover, at this current pace, the UK is growing at a faster rate than the eurozone. Hurrah, right?Well, wait for the bad news. Actually when you look not at the overall quarterly ...
Economy grows by 0.6% despite September 'weakness'

Economy grows by 0.6% despite September 'weakness'

Business
The UK economy expanded by 0.6% in the three months to September - its strongest quarter in almost two years - but there are growing signs of a slowdown ahead of Brexit. Early official figures from the Office for National Statistics (ONS) - which were in line with the forecasts of economists and the Bank of England - pointed to a hot summer boost for consumer spending.This rose 0.5% on the previous three months. The figures also showed a 2.1% output increase from construction after weather disruption earlier in the year and manufacturing also picking up.But the ONS said demand took a hit in September as temperatures cooled - with business investment contracting at the fastest pace since early 2016 as attention turned to uncertainties over the country's future trading rela...
Hot summer gives boost to UK economy

Hot summer gives boost to UK economy

Business
The UK economy grew by 0.7% in the three months to August, buoyed by the hot summer, the Office for National Statistics said.But the ONS said that in August, GDP growth was flat. Economists had predicted 0.1% growth.The three-month measure was the fastest pace of growth since February 2017, economists said.The ONS's head of GDP, Rob Kent-Smith, said the economy had "continued to rebound strongly after a weak spring".He said "retail, food and drink production and house building all performing particularly well during the hot summer months"."However, long-term growth continues to lag behind its historical trend," Mr Kent-Smith added. The ONS has introduced monthly measures of GDP and provides three-month rolling growth figu...
Stocks Get Burned by Hot Economy

Stocks Get Burned by Hot Economy

Finance
Shutterstock photo Rising rates have been on the market's mind for several sessions now, but it was on Thursday when fears really took a bite out of stocks. While the major indices came off their lows by the closing bell, each of the Big 3 still took a healthy step backward. The NASDAQ suffered through the steepest drop with a plunge of 1.81% to 7879.51. The FANGs got shellacked led by a 3.55% drop in Netflix (NFLX). The rest of them were down by more than 2%, except for Apple (AAPL, -1.76%). In addition to the general malaise caused by rising rates, this index also got hit by a news report claiming that Chinese microchips were found in equipment from t...