Data just out from the Office for National Statistics show that UK gross domestic product fell by a further 0.4% quarter-on-quarter in the three months to September. This means the UK has suffered six consecutive quarters of decline - the longest run of contraction since comparable records began more than 50 years ago.
The warning signs had been there. After all, official data had shown that UK manufacturing output plummeted 1.9% during August alone.
However, the UK stock market has shrugged off the deeply disappointing GDP data.
It is currently up more than 50 points, sitting around the 5260-point mark.
This may be down to a belief that the data signals a very extended period of extremely low benchmark interest rates. UK base rates are currently at a record low of 0.5%.
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