Consumers hit by spreading slowdown

Retail, export and unemployment figures have put an end to misplaced government optimism.

23rd August, 2008

Retail, export and unemployment figures have put an end to misplaced government optimism.

The latest three sets of economic data have confirmed what we already suspected - the rest of the economy is following the construction sector into recession.

The combination of weakening demand at home and abroad, and the wider impact of the housing downturn, made this inevitable. Last week’s statistics showed retail sales dropping, merchandise exports on the decline and a fall in...

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