Friday, May 10, 2024

Britain: "Economy is ‘going gangbusters’, suggests Office for National Statistics"

From the Telegraph, May 10:

Britain’s economy is “going gangbusters,” the UK’s statistics office has said, as Britain escaped recession.

The Office for National Statistics (ONS) hailed the performance of the economy as gross domestic product (GDP) expanded by 0.6pc in the first quarter of 2024.

The expansion was ahead of analyst estimates of growth of 0.4pc and meant that the UK is no longer in recession after two consecutive quarters of contraction at the end of 2023.

ONS chief economist Grant Fitzner said: “To paraphrase the former Australian Prime Minister Paul Keating, you could say the economy is going gangbusters.”....


Referring to a 0.6% quarterly move as "gangbusters" brings to mind a Warren Buffet comment on the action in the DJIA:

....the closing level of the Dow Jones Industrial Average:
December 31, 1964: DJIA 874.12
December 31, 1981: DJIA 875.00
“Now I’m known as a long-term investor and a patient guy, but that is not my idea of a big move.”
-Warren Buffett
We first shared that quote in 2008. 
The above is from 2012's "Meet Warren Buffett, High Frequency Trader (BRK.B; INTC; WFC)" which I thought was a pretty funny headline. (maybe you had to be there)

The original was in this 1999 Fortune article "Mr. Buffett on the Stock Market"

Also at the Telegraph, May 10, things you don't see when the economy is going gangbusters:

Dominic Cummings unveils plans for new party to replace the Tories

And dementia—or just plain demented— patients out for the day:

Elderly Just Stop Oil protesters target Magna Carta
Activists aged 85 and 82 crack artifact’s glass enclosure at the British Library 
Or possibly just Royalists pining for the good old days of King John, before the Barons got all uppity.