It is strange, but I always thought that this recession would be centred on financial services. Instead, manufacturing seems to be taking most of the hit.
The October UK production number was horrific. Compared to September, industrial production shrank 1.6 percent. Compared to a year ago, production is down 5.2 percent.
Third quarter GDP recorded a fall 0.6 percent; the forth quarter is almost certainly going to be worse. It may well be that the UK economy records a decline in 2008; a fitting way to end to terrible year.