Thursday, April 26, 2012

What Exactly Is Their Output?

Mystery to me.
The surprise fall in output at financial and business services firms in the City of London and beyond has wrongfooted a raft of economists who had been expecting the most powerful part of the UK economy to have expanded sufficiently in the first three months of the year to stave off a return to recession.

Not only did business and financial services output fall by 0.1%, but, within that performance, the vast financial services subsector – including banks, building societies and insurance firms – "made the largest negative contribution", according to preliminary estimates from the Office for National Statistics.