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Brighter times ahead for UK economy

Brighter times ahead for UK economy

Category: Economy

Updated: 09/09/2009
First Published: 09/09/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The dark clouds over the UK economy are thought to be dispersing, after a number of surveys reported encouraging findings during the month of August.

The National Institute of Economic and Social Research delivered the first piece of good news, estimating UK output rose by 0.2% in the three months to the end of August, a stark improvement on the decline of 0.3% reported a month earlier.

Noting that it was the first time the indicator had been higher over a three month average since May 2008, the think tank added that the estimate reinforced its view that the recession ended in May of this year.

Further evidence that an upturn is either underway or imminent was revealed in a report suggesting improvements in the state of the UK job market.

According to the Recruitment and Employment Confederation (REC) and KPMG Report on Jobs, August saw the number of permanent appointments grow for the first time in 17 months.

A marginal increase in temporary recruitment was also revealed, while the pace of decline in the demand for staff eased too.

Finally, it has been suggested the man on the street is also beginning to believe that economic conditions are starting to improve.

Likely to be a consequence of the good news increasingly being reported, consumer confidence continued to rise in August.

Nationwide's confidence index recorded a two point increase over the month to stand at 63, 19 points higher than at the turn of the year and 13 higher than a year earlier.

Optimism over the current economic situation was also revealed to have improved since the start of the year, while sentiment towards the future recorded an increase too.

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