The annual Child Trust Fund statistics, released today, show that:
Press Release: H. M. Treasury.
Statistics: HMR&C.
– 4 November, 2009
The October CIPS/Markit UK Services PMI figures, released today, show:
Paul Smith, Senior Economist at Markit Economics said:
“Growth of the UK service sector gathered momentum in October, accelerating to the fastest in over two years with the headline index, which covers around 40% of the UK economy, currently consistent with quarterly growth in excess of 1% at the start of Q4.
“Although services employment continues to fall at a historically marked pace, latest developments in output and demand auger well, with growth in October again supporting the view of a stabilisation of payroll numbers in early 2010. However, looking further ahead, a real improvement in jobless numbers to anything resembling close to pre-crisis levels will require growth to be sustained around the present rate for some considerable time”.
Release: Markit Economics [PDF].
Note: The CIPS/Markit UK Services PMI covers transport & communication, financial intermediation, business services, personal services, computing & IT and hotels & restaurants.
The index is a “diffusion index”, it is calculated by adding together the percentage of respondents that reported an improvement plus half of the percentage that reported no change. Results will vary around the 50.0 “no-change” level. Readings above 50.0 signal an improvement, readings below 50.0 a deterioration. The greater the divergence from 50.0, the greater the rate of change anticipated by respondents.
Posted in Economy.
– 4 November, 2009
The monthly Recruitment and Employment Confederation and KPMG Report on Jobs, published today, signaled sharper rises in both permanent and temporary staff appointments during October.
Commenting on the report, Kevin Green, Chief Executive of the Recruitment & Employment Confederation, said:
“These figures show that the UK jobs market is on the road to recovery, with signs of improvement for the third month in a row. The demand for permanent recruitment is returning as employers start to hire people at an accelerating rate.
“Based on the latest findings, we anticipate that unemployment will not reach 3 million in 2010 as some predicted. This again highlights the benefits of the UK’s flexible labour market and a balanced attitude towards employment legislation in terms of keeping people in work”.
Press Release: Markit Economics [PDF].
Note: The Report on Jobs is a monthly publication produced by Markit Economics on behalf of the Recruitment & Employment Confederation and KPMG. The report features original survey data which provide the most up-to-date and comprehensive monthly picture of recruitment, employment and employee earnings trends available.
The index is a “diffusion index”. Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change. An index reading above 50 indicates an overall increase in that variable, below 50 an overall decrease. Reasons given by survey respondents for any changes are analysed to provide insight into the causes of movements in the indices and are also used to adjust for expected seasonal variations.
Posted in Economy.
– 4 November, 2009
According to the latest edition of the BRC-Nielsen Shop Price Index, published today:
Commenting on the figures Stephen Robertson, Director General of the British Retail Consortium, said:
“The price of non-food goods has been deflationary for eleven months in a row – with the biggest falls in clothing, footwear and electricals.
“Christmas is lining up to be a punch-up between retailers as they battle it out for market share. Customers can reap the benefits from all the promotions and discounts.”
Mike Watkins, Senior Manager, Retailer Services, Nielsen commented:
“Fresh food inflation now seems to have bottomed out while ambient foods have slowed again to 4.3%. However, we don’t anticipate seeing price deflation in the grocery market like we have seen in the non-food channel. Non-food has remained deflationary for 11 successive months which has largely been the result of the VAT reduction and consistently weak demand.”
Press Release: British Retail Consortium.
Note: The SPI is administered by Nielsen, who collate and analyse the data on behalf of the BRC.
The index provides an indicator of the direction of price changes in retail outlets. The BRC launched the Shop Price Index to give an accurate picture of the inflation faced by shoppers on 500 of the most commonly bought items in shops which are representative of the most commonly shopped in stores.
Posted in Inflation, Spending.
– 4 November, 2009
According to the latest seasonally adjusted CIPS/Markit Construction Purchasing Managers’ Index (PMI®), released today:
David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply, said:
“Further drops in commercial and civil engineering activity were the key drivers behind the bad news. A stabilisation in order books did little to support activity, while weak sterling and higher fuel prices added to constructors’ difficulties.
“Perhaps of most concern is the continued slashing of jobs at construction firms. The pace of job cuts actually accelerated in October as the current state of the sector means that many who have lost jobs will struggle to find something else before Christmas.”
Press Release: Markit Economics [PDF].
Note: The index is a “diffusion index”, it is calculated by adding together the percentage of respondents that reported an improvement plus half of the percentage that reported no change. Results will vary around the 50.0 “no-change” level. Readings above 50.0 signal an improvement, readings below 50.0 a deterioration. The greater the divergence from 50.0, the greater the rate of change anticipated by respondents.
Posted in Economy.
– 3 November, 2009
