While economists recently dinged U.S. third quarter growth to 2.8 per cent from a previously reported 3.5, the opposite happened today in England. New data show the U.K. GDP shrinking by 0.3 per cent in the third quarter, less than last month’s estimate of 0.4 per cent.
Not much, but it’s welcome news.
Among the sectors showing third quarter improvement was the service industry, which shrank by 0.1 per cent compared to a fall of 0.6 per cent in the second quarter. The worst hit sector was oil and gas, which shrank by 4.7 per cent compared to 0.6 per cent in the second quarter.
Read more at the U.K. Office for National Statistics.