0055 Hrs GMT
London Friday 1 May 2009:
KHOODEELAAR! has been telling you so for 6 years and 4 months.. That the Guardian is a concealer of the truth. That the Guardian twists the facts. Or marginalises that which ought to be the most prominent… As it has exhibited again. In the piece we have reproduced from the Guardian’s web site, by-lined to Simon Jenkins, who as a columnist is not at all comfortable with the Guardian, is reduced to using only 26 words about Crossrail and Boris Johnson. In the remainder of the piece, the Guardian lets Jenkins wallow about the less important things.. That suits the Guardian agenda.. which is to conceal the truth and to continue to allow Crossrail to be given the funding and the important that it does not deserve. Or the funding that London cannot afford… The Gua5adin belongs to the secret cult.. It is that CULT that wants Crossrail. The £Billions of public money.. And Alan Rusbridger is too happy to oblige….It matters not to him how much extra costs the public have to incur for allowing Big business looters to pocket the £Billions that should be given instead to maintain the EXISTING transport infrastructure….[To be continued]
By khoodeelaar
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http://www.guardian.co.uk/business/2009/jun/30/economicgrowth-economic-recovery
GDP: what the economists say
James Knightley at ING
The GDP revision is "a major surprise" and much worse than expected, said James Knightley at ING. Changes to the methodology of calculating construction output cut an extra 0.25% off output, while lower services output knocked off another 0.25%.
"Consequently the new figure of -2.4% quarter-on-quarter is now the biggest fall since 2Q 1958 and the 4.9% year-on-year decline is the worst since the quarterly series began in 1948. The ONS has also revised history further back to show the recession now started one quarter earlier in 2Q08."
Knightley says the data should only provide "a temporary knock" to sentiment, however.
"Indeed, with today's other data showing a good gain for consumer confidence and the third rise out of the past four months for Nationwide house prices, the outlook for the UK economy is improving significantly.
"Moreover, more weight should be placed on the PMI indicators, which will be released over the next three days. The services sector is already in positive territory, while the manufacturing and construction indicators are edging closer to the break-even 50 level. All are currently consistent with flat- to positive-GDP growth in the second half of this year."
Jonathan Loynes, chief European economist at Capital Economics
"The downward revision to Q1 GDP growth ... clearly leaves an extremely weak platform for growth this year. With the annual rate pulled down from -4.1% to -4.9%, average GDP growth in 2009 now looks likely to be -4% weaker rather than the -3.5% we previously expected.
"Note too that the breakdown is not pretty, with the renewed fall in the household saving ratio down from 4% to 3%, underlining that the adjustment in the household sector has a long way yet to go."
Alan Clarke, UK economist at BNP Paribas
"Obviously the GDP figures are worse than expected – half a percentage point worse.
"We had a reasonably sized output gap before this data came out, and now it is half a percentage point bigger – so there is even more downward pressure on inflation."
0055 Hrs GMT London Friday 1 May 2009: KHOODEELAAR! has been telling you so for 6 years and 4 months.. That the Guardian is a concealer of the truth. That the Guardian twists the facts. Or marginalises that which ought to be the most prominent… As it has exhibited again. In the piece we have reproduced from the Guardian’s web site, by-lined to Simon Jenkins, who as a columnist is not at all comfortable with the Guardian, is reduced to using only 26 words about Crossrail and Boris Johnson. In the remainder of the piece, the Guardian lets Jenkins wallow about the less important things.. That suits the Guardian agenda.. which is to conceal the truth and to continue to allow Crossrail to be given the funding and the important that it does not deserve. Or the funding that London cannot afford… The Gua5adin belongs to the secret cult.. It is that CULT that wants Crossrail. The £Billions of public money.. And Alan Rusbridger is too happy to oblige….It matters not to him how much extra costs the public have to incur for allowing Big business looters to pocket the £Billions that should be given instead to maintain the EXISTING transport infrastructure….[To be continued]
By khoodeelaar"In Q2 we may well have a positive GDP, but we are not going to be closing the output gap and the deflationary forces are not going to be going away. I think this is good reason for the BoE (Bank of England) to not be anywhere near an exit strategy any time soon."
Philip Shaw, UK economist at Investec
"At first glance the figures do look weaker than expected – and at second glance the broad shape of the economy remains similar.
"Given the pattern of stock shedding, we would still expect a positive effect from the inventory cycle on GDP over the next two or three quarters, but we are certainly starting from a lower base."
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