English Business Survey January 2012

Across all regions except London, more workplaces, weighted by employment, reported lower output rather than higher output in January 2012 compared with October 2011.

Looking forward, the balance of expectations for output in April 2012 compared with January 2012 is positive across all regions, with the majority of workplaces, weighted by employment, expecting higher output.

But not much else going on: labour costs – unchanged, output prices – unchanged, employment – no change and none expected

English Business Survey January 2012

GDP – revised down

  • UK gross domestic product (GDP) in volume terms decreased by 0.3 per cent in the fourth quarter of 2011, revised from a decline of 0.2 per cent previously estimated. For the year 2011, GDP in volume terms increased by 0.7 per cent
  • Output of the production industries fell by 1.3 per cent, within which manufacturing fell by 0.7 per cent
  • Output of the service industries fell by 0.1 per cent, while output of the construction industry fell by 0.2 per cent
  • In current price terms, compensation of employees rose by 0.9 per cent in the fourth quarter of 2011

Quarterly National Accounts Q4 2011 – ONS

GDP and the Labour Market, 2011 Q4 – ONS


Consumer Trends Q4 2011

  • The volume of expenditure on goods and services (seasonally adjusted) grew by 0.4 per cent in Q4 2011, the first positive growth since Q2 2010.
  • In current prices, seasonally adjusted household expenditure increased by 1.2 per cent.
  • In 2011 volume expenditure fell by 1.2 per cent compared to 2010. Volume expenditure increased by 1.2 per cent into 2010.

Consumer Trends Q4 2011 – ONS

Retail sales steady

  • 33% of retailers saw sales volumes up on a year ago, and the same figure reported a fall.
  • Firms reported that sales were still low for the time of year (-27%), and said that over the next month they expect both volume of sales (-4%) and the volume of orders on suppliers (-12%) to remain subdued.

Retail sales remain steady in March – CBI survey