Retail sales growth eases

Retail sales growth eases: CBI

  • 44% of retailers stated that their sales volumes were up on a year ago, while 33% reported a fall.
  • In August, retailers expect both sales and orders growth to moderate further, with both expected to be effectively flat on a year ago (sales +3%, orders -1%).

The economic position of households

The economic position of households: Q1 2012: ONS

  • Real household actual income per head fell by 0.6 per cent in the first quarter of 2012 compared with the fourth quarter of 2011, to its lowest level since the second quarter of 2005
  • Real household actual expenditure per head fell by 0.2 per cent in the first quarter of 2012 compared with the fourth quarter of 2011, to its second lowest level since the third quarter of 2003
  • The household saving ratio fell by 0.5 percentage points to 6.4 per cent in the first quarter of 2012. Gross household saving was £17,000 million in the same quarter, down from £18,300 million in the fourth quarter of 2011

European unemployment

European unemployment, June 2012: Eurostat

  • The euro area (EA17) seasonally-adjusted unemployment rate was 11.2% in June 2012, stable compared with May. It was 10.0% in June 2011.
  • The EU27 unemployment rate was 10.4% in June 2012, also stable compared with May. It was 9.5% in June 2011.
  •  25.112 million men and women in the EU27, of whom 17.801 million were in the euro area, were unemployed in June 2012.
  • Compared with May 2012, the number of persons unemployed increased by 127 000 in the EU27 and by 123 000 in the euro area.
  • Compared with June 2011, unemployment rose by 2.165 million in the EU27 and by 2.024 million in the euro area.

Decline in retail outlets

BRC Retail Employment Monitor Q2 2012

  • The survey showed a decline in the number of retail outlets, falling by 0.5% compared with the previous year
  • Retail employment (effectively total hours worked) rose by 1.8% compared with the same quarter in 2011, with the fastest growth from part-time workers
  • The proportion of retailers suggesting that they will decrease staffing levels over the next quarter has fallen to just 4% compared with 25% for the same period last year

Annual Business Survey, 2010

Annual Business Survey, Regional, 2010: ONS

  • Overall, the results for the UK Business Economy (that part of the UK whole economy measured by the Annual Business Survey, ABS) showed that approximate Gross Value Added at basic prices (aGVA) grew by 4 per cent (£33.8 billion) between 2009 and 2010, although not yet recovering to 2008 levels. Those regions contributing most to the overall growth over this period were the West Midlands, the North West and London.
  • The West Midlands region showed the highest growth in aGVA between 2009 and 2010, rising 11 per cent (£6.8 billion) and returning to its 2008 level of £66.2 billion.
  • The North West region followed the West Midlands with a 7 per cent (£6.4 billion) rise in aGVA to £93.9 billion, higher than the levels seen in both 2008 and 2009.
  • London showed a rise of 3 per cent (£5.5 billion) in aGVA to £217 billion in 2010, but has not returned to its 2008 level of around £231.2 billion.