By Max Clarke
Britain’s recovery has been dealt a fresh blow, after the United States Department of Commerce today dispelled private sector speculations that the low US GDP growth of 1.8% would be revised up.
“Today’s report shows little change from the GDP estimates released last month,” said U.S. Commerce Department Chief Economist Mark Doms. “What today’s data does tell us is that corporate profits continue to grow and businesses continue to hire more workers. In the first four months of this year, the economy added 854,000 jobs, and that will help boost our economy further in the quarters ahead.”
It has been said that when Wall Street sneezes, the rest of the world catches pneumonia. This is especially true for the UK whose financial market is closely tied with New York.
The UK is the US’ 6th biggest trading partner, after NAFTA partners, Germany and China; while the USA remains Britain’s most valuable export market.