Posted 12/13/2023, 7:13:20 AM
UK Economy Shrinks in October; Recession Fears Grow Despite Some Resilience
- UK economy contracted 0.3% in October, with declines across manufacturing, services, and construction sectors
- Some analysts argue resilience of companies means recession unlikely, though growth forecasts have slowed
- Lack of film/TV production due to strikes played role in services decline; rebound possible as strike ends
- Sunak's 2023 economic growth pledge under threat from flashing warning signs of possible recession
- Construction faces tough 2024 if rates stay high; Bank of England may view October GDP drop with skepticism