UK still technically in recession
We may not like the fact that Britain failed to follow the rest of the G7 out of recession in the third quarter, but we're stuck with it. At least for now.
The first revision of that "shocking" first estimate for GDP is in the right direction, but it doesn't change the fact that the UK is still technically in recession. And to judge by the robust defence of its numbers also produced today by the ONS [64KB PDF], our official statistical agency doesn't expect later revisions to change the picture substantially.
They now believe that the service sector and manufacturing did a little better than first thought, whereas the production industries fared a little worse. But these are modest changes.
Many more forward-looking surveys and leading indicators - national and international - paint a brighter picture of the UK economy today. But with the possible exception of the labour market data, that broad-based improvement is still not showing itself in the data collected by the ONS.