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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Sawdusty who wrote (12599)	10/1/2004 1:20:47 AM
From: mishedlo	Respond to of 116555

Changes to UK spending data reflect BoE´s own expectations better - Bell Thursday, September 30, 2004 2:00:36 PM Changes to UK spending data reflect BoE's own expectations better - Bell LONDON (AFX) - The substantial revisions to household spending figures in second quarter UK GDP data released yesterday bring them closer to the Bank of England's own expectations, rate-setter Marian Bell said today "The latest revisions were closer to what we would have thought about Q1 and Q2," Bell said at the sidelines of a conference here today. On Wednesday, the Office for National Statistics adjusted up first quarter household spending growth to 1.2 pct from 0.6 pct previously and at the same time revised down second quarter household spending to 0.6 pct from the previously published figure of 1.1 pct Bell also said that the nine strong Monetary Policy Committee considers a wide variety of official and survey data before coming to its decisions. However, the rate setting body is judicious when attaching importance to any particular piece of data. "We don't always take it at face value," she said Earlier, she defended the ONS, saying that data released by the government agency is "no less reliable" than those released in other countries. The revisions made do not suggest that the ONS is "getting it wrong," Bell said