Manufacturing output forecasts

Weaker demand dampens manufacturers’ expectations for output growth – CBI

  • UK manufacturers reported weaker order books in May, and the pace of expected output growth over the next three months has slowed
  • 19% reported total order books to be above normal, while 36% said they were below
  • Export order books are holding up, with 16% of respondents stating that levels were above normal and 29% reporting they were below
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High Street sales

High-street sales grow but still below average for the time of the year

  • Retail sales volumes rose strongly in May compared to a year ago but sales were still reported to be below average for the time of year. The majority of retail sectors saw sales increase.
  • 43% of retailers reported an increase in their volume of sales compared to a year ago, and 23% said they had seen a fall
  • The number of people employed in the retail sector increased on a year ago (+12%), for the first time since February 2003
  • Sentiment regarding the business situation for the next three months has also turned positive (+3%) for the first time since November 2011
  • Year-on-year price inflation in shops remained robust but still below the peak seen at the beginning of 2011
  • Retailers expect sales volumes to grow again on a year ago in June and the business situation to be stable over the next three months

NEETs and the changing labour market

Lost in transition? The changing labour market and young people not in employment, education or training

Work Foundation and Private Equity Foundation report

  • Around half of NEETs are unemployed and actively looking for work. An additional 18 per cent are inactive and either looking for work, or in the majority of cases, are not looking but would like to work. This leaves a third of the NEET cohort who are unable or unavailable to work in either the immediate or the longer-term for a variety of reasons – including caring responsibilities and longterm sickness or disability.
  • Skills needs have changed in a way that makes it harder for some young people to access the labour market.
  • Support to access their first sustainable job is a core support need of young people.

The youth employment crisis: Time for action – International Labour Office

 

Unemployment rate falls

Labour Market Statistics, May 2012 – ONS

  • The unemployment rate was 8.2 per cent of the economically active population, down 0.2 on the quarter. There were 2.63 million unemployed people, down 45,000 on the quarter.
  • The inactivity rate for those aged from 16 to 64 was 23.0 per cent, down 0.1 on the quarter. There were 9.25 million economically inactive people aged from 16 to 64, down 35,000 on the quarter.
  • The employment rate for those aged from 16 to 64 was 70.5 per cent, up 0.2 on the quarter. There were 29.23 million people in employment aged 16 and over, up 105,000 on the quarter. The quarterly increase in employment was entirely due to more part-time workers.