Economic Indicators, September 2012

The ONS revised higher its estimate of GDP in the second quarter, from a 0.7% contraction to a 0.5% fall compared with the previous quarter. GDP has declined for three successive quarters. Household consumption, which makes up around two-thirds of GDP, was down by 0.4%, while investment fell by 3.1%. The contrast with more positive labour market data continues, with employment rising by just over 200,000 and unemployment down by 46,000 in the second quarter.