FT.com / World - Data confirm UK on brink of recession

Financial Times World reports what shouldn't be big news to anyone. The Asian and European stock markets have been going down. There are troubling news from the industrial sector.

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FT.com / World - Data confirm UK on brink of recession: "The UK economy shrank by 0.5 per cent, more sharply than expected in the three months to September, official data released on Friday showed – the first official confirmation that the UK is entering a recession.

Weaker service industries, construction and production output drove the deceleration in growth, the Office for National Statistics said. Manufacturing made the single largest contribution to the slowdown, falling 1.0 per cent in the quarter.

Banking data have shown a fall in lending for new homes and businesses and last week, Britain reported a 0.5 per cent rise in unemployment in September to 5.7 per cent, the biggest one-month rise since 1991."
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