|What a muddle. On the face of it economic output has tumbled by much more than expected In the second quarter this year. |
But the ONS has admitted there is a lot more uncertainty than usual because of the bad weather and the extra bank holiday.
Output is falling, yet jobs are being created in the economy, as last week's labour market data demonstrated. The business organisation the CBI says it thinks the economy is flat rather than negative.
What's really going on? We can say with certainty that the UK economy is not in a good place. As to what really happened between April and June, we may have to wait another year or more till all the revisions have taken place.