Economic Indicators, October 2012

The ONS revised its estimate of GDP in the second quarter, from a 0.5% contraction to a 0.4% 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 0.2%. The contrast with more positive labour market data continues, with employment rising by 240,000 and unemployment relatively flat in the May-July compared with the previous quarter.