Let's have a look ...
'What are you doing, boss?'
I'm looking out of the window, idiot. It don't look too bad.
However, I feel a bit chilly.
Anyway ...
UK Economy sees its first glimpse of winter as growth declines -
GDP Growth for August of -0.3%.
July 2022 GDP growth was revised down to 0.1% (from 0.2%).
Over three months to August, GDP fell 0.3%.
UK GDP is now 0.5% above its pre-The Thing level in Q4 2019.
The production sector (which includes manufacturing, mining and quarrying, Electricity and gas, steam and air conditioning supply, and water supply) was the main source of weakness in the economy, down 1.8% in August. July 2022 growth was also revised to -1.1% down from -0.3%.
Oh.
'Who sent us this, boss?'
Wealth Club, Voice.
'Nice.'
And you'll never guess what.
'What?!'
Jonathan Moyes only wants to say something ...
'What?! On your blog?'
That's right.
'Well, if that's what he wants ...'
Ha!
Here we go - !!!
Jonathan Moyes, Head of Investment Research, Wealth Club: "The weak August GDP number follows a marked downturn in PMIs over the summer and so this is unlikely to catch the market by surprise.
"It was hard to find many positives in the data, although the construction sector continues to be an area of strength. With a significant tightening of financial conditions through September and October, there is certainly a chill in the air. We expect this release to be a sign of the winter to come."
You see? A chill in the air! 'Yeah. That's what you said! You felt a bit chilly.' Great minds think alike, Voice. And great bodies feel alike, too, I should imagine. 'Has Jonathan got a great body then?' Er ... I doubt it. 'He might have!' Let's change the subject. FFS.
Anyway ...
"The market's attention will remain firmly fixed on both the Chancellor and the Bank of England as they look to restore confidence and stabilize the government bond market. With inflation remaining high, the bank is unlikely to see weak GDP as cause for softening policy. The government on the other hand is clearly looking to stave off a severe recession with loose fiscal policy. We look forward to the detail on how this will be funded on 31 October."
Ha, ha, ha!
Oh, I'm not laughing at you, Jonathan. Thanks for your comment.
'What were you laughing at, boss?'
You know, just the idea of the government restoring confidence and that.
'Ha!'
Yeah.
Anyway ...
ENDS
ENDS
ENDS
ENDS
ENDS
ENDS
ENDS
ENDS
ENDS
Get the message?
'Bye!'
