Overnight saw two important releases for the U.K by means of the consumer confidence figures and the revised GDP estimate for the U.K by the NIESR.
Consumer confidence came out positively rising to 71 from a predicted figure of 68. The data is measured on a level of 50 and any release higher than 50 is seen as good for the U.K and lower than 50 shows a negative on confidence so this release was good news for once in this miserable market we find ourselves in.
The bad news is that the NIESR (National Institute for Economic and Social Research) have now predicted there will be no change in GDP figures due to come out on 23/10/09 which suggests that the economy has shown no growth in the last quarter, analysts had been predicting a minor improvement.
GDP figures are a measure of whether or not the economy as a whole has grown in each quarter, two negative releases in a row means the economy is officially in a recession and then it requires a figure of 0% or positive growth to officially come out of one.
Hopefully this will mean the U.K may officailly be out of the recession come the end of the month, however looking at recent data we still have a long long way to go before things become rosy again, and with Australia and other economies seemingly strong the Pound may well still get worse before it gets any better.
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Have a great day and thanks for reading!
Daniel Wright
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