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ONS’s latest estimate of quarterly GDP for Q1 2012 was unchanged showing a contraction of 0.3%, but it revised lower the fall in GDP in Q4 2011 (from 0.3% to 0.4%). Output in the economy in Q1 2012 was roughly the same as it was in Q3 2010. In contrast, recent labour market data has been more positive. In the quarter to April 2012, employment increased by the most (up by 166,000) since mid-2010. During the same period, unemployment fell by 51,000.


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