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  • Official statistics showed that construction output in the third quarter fell by 2.6% compared to the second quarter or was down 11.3% compared to the third quarter of 2011. There were falls in 7 out of the 9 sectors tracked by the ONS with the largest decrease in the private commercial sector which fell 8.2% quarter on quarter. 
  • House prices as measure by the Halifax house price index were 1.2% lower in the three months to October than in the preceding three months, commenting "The weak economic background has been a key factor dampening housing demand this year. Recent encouraging developments relating to the level of overall economic activity and conditions in the labour market, however, may help to support demand and underpin house prices around current levels over the coming months."

UK Economy

  • Output from the production industries continued to fall in September, the index of production was down 2.6% compared to September 2011, and the index of manufacturing was down 1% over the same period.
  • NIESR estimated that GDP grew by 0.5% in the three months to October; they estimate that the economy is still 2.8% below the level of output recorded before the recession began in 2008.
  • The UK trade deficit shrank in September to £2.7bn from £4.3bn in August. The balance of trade in good was £8.4bn compared to £10bn in August and £10.2bn in September 2011. Exports of goods (excluding oil and erratic items) were 4.1% higher in the third quarter of 2012 compared to the preceding three months.
  • The Conference Board leading economic index (LEI) for the UK increased in September by 0.2%, commenting “Consumer and business expectations regarding future economic conditions have improved from a few months ago, but remain weak by historical standards.”

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