Michael Mackenzie has been markets editor of the Financial Times since January 2015...
Preliminary figures released by the Office for National Statistics yesterday suggested that UK GDP growth in the third quarter of the year was 0.5% - lower than the previous quarter's growth rate of 0.7%, and the consensus forecast of 0.6%.
Last week, we compared the latest UK recession and recovery to historical recessions. This week, we're comparing the UK recovery to that of the US, where despite first quarter growth problems, the recovery from the recession looks strong.
The preliminary GDP growth figures for the second quarter of the year, released yesterday, showed a recovery from the disappointing growth of the first quarter.