now, at the beginning of 2023. so we ve seen inflation starting to come down from the peaks that we ve seen in november. we do expect that to continue. so there are some kind of careful early signs that things are getting better. i think at the moment, also, the labour market is still a positive point for people looking for work. you know, the unemployment rate is quite low. now, if the economy is shrinking, that means companies on the whole make less profit, which means they have less money available to expand or give their workers a pay rise. and if people earn less and spend less, that means that the government takes in less money in tax revenue, which makes all those tricky decisions about how to fund important public services like the nhs all the more difficult. the prime minister has pledged to get the economy growing again by the end of the year. today s gdp figure will give another indication of how difficult that promise could be to meet. ben king, bbc news, worcester.
office for national statistics, the ones who do our official numbers for us, originally thought the economy contracted by 0.2% over the course of the summer. that gdp figure has more information now from businesses across the country. they now think that figure is more like 0.3%. that is how much we have gone into reverse. we are worse off than we thought. and they have looked even further back and it now thinks our economy is still 0.8% smaller than it was prior to the pandemic. so we have a lot of catching up to do and you can see why this pain is so bad. the higher prices are crippling our ability to spend and frankly, it is notjust ability to spend and frankly, it is not just that because ability to spend and frankly, it is notjust that because as you say, the british chambers of commerce are warning that almost two years after the new rules around trading with the new rules around trading with the eu were introduced, some firms are still struggling with the extra formalities, whic
all those tills are ringing on the high street for the is panic buying ahead of christmas, but don t be fooled because behind the scenes, alarm bells are ringing. the office for national statistics, the ones who do our official numbers for us, originally thought the economy contracted by 0.2% over the course of the summer. that gdp figure has more information now from businesses across the country. they now think that figure is more like 0.3%. that is how much we have gone into reverse. we are worse off than we thought. and they have looked even further back and it now thinks our economy is still 0.8% smaller than it was prior to the pandemic. so we have a lot of catching up to do and you can see why this pain is so bad. the higher prices are crippling our ability to spend and frankly, it is notjust that because as you say, the british chambers of commerce are warning that almost two years after the new rules around trading with the eu were introduced, some firms are still struggling w
2.6% more than expected and president biden is touting the rebound out there on the campaign trail with less than two weeks to go until the midterm elections. let s go to our white house correspondent arlette saenz. 12 days ahead of the midterms what does it say that president biden is campaigning tonight in new york state? reporter: well, wolf, president biden traveled to syracuse, new york for an official event, but the political undertones were evident throughout his remarks. the president there in syracuse to tout a $100 billion investment by micron in semiconductor manufacturing. it s a district with a highly competitive house race. but of course new york is also a state that has a closer than expected governor s race as well. in a state that is typically reliably blue. now, the president while he was on the ground there also sought to sharpen his economic message as he s tried to draw a contrast between his platform and that presented by republicans. the president touted some p
aren t going to buy? look at the dow. just a quick thought. my quick thoughts we need to increase production in the united states and this president is making it more difficult to do that. we just had the fed come out. everything. they have to make tampons. feminine hygiene products have a shortage now, david. oil, food, baby formula, you name it, it s there. i don t want to say it and in fact we just had figures from the fed yesterday for the next three years of the biden administration, 2022, the end of this one, 2023 and 2024, the fed projects that we will not go above a 2% growth rate for all of those years. look at this. that is obama once again. obama had two terms in which we didn t have any gdp figure over 2%. the average is much more than that. we re going back into the era