Jeffrey: Is ONS data reflecting 'true' economic activity?

Could statisticians be wrong again?

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Richard Jeffrey of Cazenove Capital
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Richard Jeffrey of Cazenove Capital

In 1999, I wrote a number of articles pointing out a discrepancy between growth numbers for the economy and labour market data.

While the latter were showing good employment gains and continuing strong demand for labour, the initial GDP estimate for the first quarter suggested growth had slumped to just 0.7%, year-on-year. My conclusion...

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