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U.K. Economy Contracts, German Job Losses Mount
The U.K.'s gross domestic product shrank 0.3% in the first quarter of 2012 compared to the previous three months, the Office for National Statistics says.
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The U.K.'s gross domestic product shrank 0.3% in the first quarter of 2012 compared to the previous three months, the Office for National Statistics says.
The bureau revised its fourth-quarter estimate to a 0.4% contraction from the 0.3% decline previously reported.
U.K. manufacturing output slid 0.3% in the January-March period, and consumer spending dipped 0.1%. Despite the government's austerity efforts, public sector spending rose 1.9%, the fastest pace in nearly seven years.
Separately, 7,000 people in Germany lost their jobs last month, thus bringing the country's total to 2.88 million unemployed workers, according to the Federal Labor Agency.
June marked the fourth straight month-on-month worsening in the country's job market. Germany's unemployment rate held steady at 6.8% this month.
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