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United Kingdom economic growth revised lower in the fourth-quarter

25 February 2018

The ONS said the surprise rise in the unemployment rate raised the question of whether the UK's long run of falling unemployment might be over.

UK GDP grew by 0.4% between October and December, 0.1% less than the initial estimate of 0.5%, according to the latest figures by the Office of National Statistics (ONS).

In the United Kingdom as a whole, only three regions of England - the North East, Yorkshire and the Humber, and the West Midlands - had higher unemployment rates during October-December.

"Rising unemployment is disappointing, but job vacancies reaching another record shows that businesses are creating opportunities".

This was "in part reflecting a small downward revision to the estimated output of the production industries".

"This is demonstrated by our Budget investments of nearly £2.4 billion in enterprise and skills and the most attractive package of non-domestic rates reliefs available anywhere in the United Kingdom, including the Small Business Bonus, worth £720 million, and the UK's first nursery relief".

Despite the revision to GDP, John Hawksworth, PwC chief economist, said: 'The big picture has not changed.

'All told, then, the latest GDP data suggest that the economy remains in a fragile state and does not need to be cooled with another rate rise as soon as May'.

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The remuneration was, however, heavily boosted by the award of shares when the company listed on the stock market. That's also the question that put an end to Snap's financial growth.

In the three months to December, 46,000 people were added to the unemployment tally, representing the biggest increase since early 2013.

The central bank would raise interest rates in order to reduce inflation over a two-to-three year horizon.

Average weekly earnings for employees in nominal terms (not adjusted for inflation) increased by 2.5% including and excluding bonuses.

Meanwhile, growth in the number of EU nationals working in Britain slowed and the number of eastern European workers fell. That means workers are worse off than they were a year ago.

In the past decade, that engine of improved prosperity broke down. Versus the euro, the pound was down 0.2 per cent at 1.29. But it may not be the sort of growth where individuals are getting better off.

There was a 0.1 per cent rise in sales over the past quarter, with purchases made via safe shopping online increasing by just nine per cent.

United Kingdom plc grew by 0.4 per cent in the fourth quarter, slightly lower than the initial official estimate of 0.5 per cent. Maybe that old motor has some life in it yet.

United Kingdom economic growth revised lower in the fourth-quarter