Growth Q2

Second Estimate of GDP, Quarter 2 (Apr to June) 2015: ONS

  • UK GDP in volume terms was estimated to have increased by 0.7% between Quarter 1 (Jan to Mar) 2015 and Quarter 2 (Apr to June) 2015
  • GDP was estimated to have increased by 3.0% in 2014, compared with 2013
  • Between Quarter 2 2014 and Quarter 2 2015, GDP in volume terms increased by 2.6%
  • GDP in current prices was estimated to have increased by 0.7% between Quarter 1 2015 and Quarter 2 2015
  • GDP per head in volume terms was estimated to have increased by 0.5% between Quarter 1 2015 and Quarter 2 2015
  • Between 2013 and 2014, GDP per head increased by 2.3%

Pop-up retail now worth £2.3bn

Britain’s Pop-Up Retail Economy: CEBR

Pop-ups now account for 0.76% of total UK retail turnover, up from 0.6 % the year before, an increase of more than £200m in sales

Britain is now host to more than an estimated 10,000 pop-ups

The sector employs more than 26,000 people

 

Inflation rate up to 0.1%

Consumer Price Inflation, July 2015: ONS

  • The Consumer Prices Index (CPI) grew by 0.1% in the year to July 2015, up from 0.0% in the year to June 2015.
  • A smaller fall in clothing prices on the month compared with a year ago was the main contributor to the rise in inflation.
  • Falling prices for food and non-alcoholic beverages partially offset the rise.

Unemployment rises

UK Labour Market, August 2015: ONS

Main points for April to June 2015

  • There were 1.85 million unemployed people (people not in work but seeking and available to work), 25,000 more than for January to March 2015 but 221,000 fewer than for a year earlier.
  • There were 1.01 million unemployed men, 130,000 fewer than for a year earlier. There were 838,000 unemployed women, 92,000 fewer than for a year earlier.
  • The unemployment rate was 5.6%, little changed compared with January to March 2015 but lower than for a year earlier (6.3%). The unemployment rate is the proportion of the labour force (those in work plus those unemployed) who were unemployed.
  • There were 8.99 million people aged from 16 to 64 who were economically inactive (not working and not seeking or available to work), little changed compared with January to March 2015 and with a year earlier.
  • The inactivity rate (the proportion of people aged from 16 to 64 who were economically inactive) was 22.1%, little changed compared with January to March 2015 and with a year earlier.
  • There were 31.03 million people in work, 63,000 fewer than for January to March 2015 but 354,000 more than for a year earlier.
  • There were 22.76 million people working full-time, 352,000 more than for a year earlier. There were 8.27 million people working part-time, little changed compared with a year earlier.
  • The employment rate (the proportion of people aged from 16 to 64 who were in work) was 73.4%, little changed compared with January to March 2015 but higher than for a year earlier (72.8%).

Retail Sales volume dips

Retail Sales, June 2015: ONS

  • Compared with May 2015, the quantity bought in the retail industry was estimated to have decreased by 0.2%. Falls were reported by predominantly food stores, other stores, household goods stores and petrol stations.
  • Year-on-year estimates of the quantity bought in the retail industry continued to show growth for the 27th consecutive month in June 2015, increasing by 4.0% compared with June 2014. This was the longest period of sustained year-on-year growth since May 2008, when there were 31 periods of growth.
  • The underlying pattern in the data, as suggested by the 3 month on 3 month movement in the quantity bought, continued to show growth for the 28th consecutive month, increasing by 0.7%. This is the longest period of sustained growth since consistent records began in June 1996.
  • verage store prices (including petrol stations) fell by 2.9% in June 2015 compared with June 2014. This is the 12th consecutive month of year-on-year price falls with all store types reporting decreases. The largest contribution came once again from petrol stations which fell by 10.0%, the 22nd consecutive month of year-on-year falling prices in this store type.
  • In June 2015, the amount spent in the retail industry increased by 0.9% compared with June 2014, but decreased by 0.1% compared with May 2015. Non-seasonally adjusted data show that the average weekly spend in the retail industry was £7.1 billion, unchanged from the previous month and the June 2014 figure.
  • The value of sales made online in June 2015 increased by 1.4% compared with May 2015 and accounted for 12.4% of all retail sales. Online sales increased by 11.4% compared with June 2014.

Growth

Gross Domestic Product: Preliminary Estimate, Quarter 2 (Apr to June) 2015

  • GDP is estimated to have increased by 0.7% in Quarter 2 (Apr to June) 2015 compared with growth of 0.4% in Quarter 1 (Jan to Mar) 2015.
  • Output increased in 2 of the main industrial groupings within the economy in Quarter 2 (Apr to June) 2015. Services increased by 0.7% and production increased by 1.0%. Construction growth was flat. In contrast agriculture decreased by 0.7%.
  • GDP was 2.6% higher in Quarter 2 (Apr to June) 2015 compared with the same quarter a year ago.
  • In Quarter 2 (Apr to June) 2015, GDP was estimated to have been 5.2% higher than the pre-economic downturn peak of Quarter 1 (Jan to Mar) 2008. From the peak in Quarter 1 (Jan to Mar) 2008 to the trough in Quarter 2 (Apr to June) 2009, the economy shrank by 6.0%.

Unemployment rises, employment falls

UK Labour Market, July 2015: ONS

Main points for March to May 2015

  • There were 1.85 million unemployed people. This was 15,000 more than for the 3 months to February 2015, the first quarterly increase since January to March 2013. Comparing March to May 2015 with a year earlier, there were 273,000 fewer unemployed people.
  • The proportion of the economically active population who were unemployed (the unemployment rate) was 5.6%, little changed compared with the 3 months to February 2015 but lower than for a year earlier (6.5%). Economically active people are those in work plus those seeking and available to work.
  • There were 9.02 million people aged from 16 to 64 who were out of work and not seeking or available to work (known as economically inactive), 30,000 more than for the 3 months to February 2015 and 104,000 more than for a year earlier.
  • The proportion of people aged from 16 to 64 who were economically inactive (the inactivity rate) was 22.2%, little changed compared with the 3 months to February 2015 but higher than for a year earlier (22.0%)
  • There were 30.98 million people in work. This was 67,000 fewer than for the 3 months to February 2015, the first quarterly fall since February to April 2013. Comparing March to May 2015 with a year earlier, there were 265,000 more people in work (272,000 more people working full-time and 7,000 fewer people working part-time).
  • The proportion of people aged from 16 to 64 in work (the employment rate) was 73.3%, little changed compared with the 3 months to February 2015 but higher than for a year earlier (72.9%).