United Kingdom: Economy contracts again in October
GDP reading: GDP fell 0.1% in seasonally adjusted month-on-month terms in October, unchanged from the prior month’s reading and contrasting market expectations of an expansion. On a rolling quarter basis, GDP fell 0.1% in October, following 0.1% growth in the prior rolling quarter.
Drivers: Declines in retail and wholesale trade, construction and IT services drove October’s decline, outweighing higher manufacturing activity; manufacturing got a boost from partial recovery in the car industry following a cyber-attack in September.