U.K. labour productivity rose for the first time in two years in the second quarter, led by manufacturing industry.

Productivity measured by output per hour increased 0.5 percent from the first quarter according to the Office for National Statistics –  the first growth since the second quarter of 2011. Manufacturing productivity rose 0.7 percent and services was up 0.1 percent.

Is this a great recovery?  Its too early to tell … but at least things seem to be moving in the right direction.   Of course we need the rest of the world to improve as well – so that markets recover.

In the meantime, we are thankful for ‘small mercies’ … and the first signs of recovery.