The much-awaited QE2 was finally launched in October after Adam Posen, the arch-dove MPC member, convinced everyone to get on board. The programme does not seem to be a success though. Growth in 11Q3 (0.5%) was in line with expectations.
The available production-, sales- and sentiment indicators for the third quarter of the year point to slowing economic growth. Employment took a bit hit, which pushed up the seasonally adjusted unemployment count to over 5 million people.