Sep 2010

Third Quarter Growth ‘Promising’ for Region

The economy grew by a robust 0.8 percent in the third quarter, official data showed yesterday, soothing fears of a double-dip recession one week after dramatic public spending cuts.

The quarterly figure, which was double market expectations, was largely the result of gains in services, construction and production, the Office for National Statistics (ONS) said, and it supported Absolute’s recent experience of increased hiring experience across the board.

“The prospect of a double-dip recession was daunting for businesses across the UK,” said Absolute Director, Dan Marshall, “and none of us relished the thought of battling through tough times again so soon. These latest figures are an encouraging sign that the UK’s economy is steadily strengthening, and this impression has been bolstered by increased demand from our client’s across the region.

“The 2008/09 recession saw the biggest drop in manufacturing, construction and  service industry output than either the 1990/91 or 1980/81 recessions. The fact that ONS have attributed the latest increases partly to an increase in the production sector is encouraging news for the North West. Absolute are proud to be helping local companies facilitate growth and keep pace with the wider economy.”