Recession Part III

A quick note to anyone out there who sees stories being carried on some of the 24-hour news channels about figures saying the UK was still in recession in the third quarter of the year.
These are NOT new figures - they are REVISED figures that were first issued weeks ago.
So anyone who says today's announcement by the Office of National Statistics shows we're 'still' mired in recession has either a short memory or a tendency to grab hold of the wrong end of the stick.
In fact, the revised ONS figures released today suggest that - as I blogged last month - the economy did not contract by as much as originally thought - 0.2% instead of 0.3%. So this is comparatively good news.
To repeat, experts believe that the economy was showing signs of climbing out of recession back in September, with the figures dragged down by poor performance earlier during the summer (when we're all on holiday).
This doesn't mean we're out of the woods, with a tough year ahead of us. It does, however, mean the worst is over - unless you're a TV channel who's forgotten when the figures first came out.