The economy is looking at its second month of decline as the production sector is in decline.
Data from the Office of National Statistics show that the economy shrunk by 0.1% for the second month is a row. Whilst over the last three months the economy has expanded by 0.1% in total.
In a statement from Rachel Reeves on X, she described the figures as ‘disappointing’. However she stays positive going on to committed to building more homes among other initiatives.
This is whilst the ONS reports an 0.4% decrease in construction output last month but an overall growth ofver the last four months.
Some of the other sectors that have been hard hit are production, accommodation and food services. The art, entertainment and recreation has fallen by 2.0%.
Shadow Chancellor of the Exjecor accuses Labour of ‘talking down the economy’.
Overall this makes it difficult to predict where the economy will go, with the Prime Minister, Sir Kier Starmer pledging to increase real household disposable income per person.
