Growth slows: 0.5%

Gross Domestic Product: Preliminary Estimate, Quarter 3 (July to Sept) 2015: ONS

  • GDP is estimated to have increased by 0.5% in Quarter 3 (July to Sept) 2015 compared with growth of 0.7% in Quarter 2 (Apr to June) 2015.
  • Output increased in 3 of the main industrial groupings within the economy in Quarter 3 (July to Sept) 2015. Services increased by 0.7%, production increased by 0.3% and agriculture increased by 0.5%. In contrast, construction growth decreased by 2.2%.
  • Within production, manufacturing fell by 0.3% but this fall was offset by a 2.4% increase in Mining¬†and Quarrying and a 1.2% increase in water and waste management.
  • GDP was 2.3% higher in Quarter 3 (July to Sept) 2015 compared with the same quarter a year ago.
  • In Quarter 3 (July to Sept) 2015, GDP was estimated to have been 6.4% 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 6.1%
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Retail sales growth

Retail Sales, September 2015: ONS

  • Year-on-year estimates in the quantity bought in the retail industry continued to show growth for the 29th consecutive month in September 2015, increasing by 6.5% compared with September 2014.
  • The underlying pattern in the data, as suggested by the 3 month on 3 month movement in the quantity bought, showed growth for the 22nd consecutive month, increasing by 0.9%.
  • Compared with August 2015, the quantity bought in the retail industry is estimated to have increased by 1.9%.
  • Average store prices (including petrol stations) fell by 3.6% in September 2015 compared with September 2014, the 15th consecutive month of year-on-year price falls.
  • The amount spent in the retail industry increased by 2.7% in September 2015 compared with September 2014 and by 1.4% compared with August 2015.
  • The value of online sales increased by 15.2% in September 2015 compared with September 2014 and increased by 4.5% compared with August 2015

Unemployment at 7-year low

UK Labour Market, October 2015: ONS

  • There were 1.77 million unemployed people (people not in work but seeking and available to work), 79,000 fewer than for March to May 2015 and 198,000 fewer than for a year earlier.
  • There were 970,000 unemployed men, 125,000 fewer than for a year earlier. There were 803,000 unemployed women, 73,000 fewer than for a year earlier.
  • The unemployment rate fell to 5.4%, lower than for March to May 2015 (5.6%) and for a year earlier (6.0%). It has not been lower since March to May 2008.
  • There were 9.01 million people aged from 16 to 64 who were economically inactive (not working and not seeking or available to work), little changed compared with March to May 2015 but down slightly (13,000) compared 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 March to May 2015 and with a year earlier.
  • There were 31.12 million people in work, 140,000 more than for March to May 2015 and 359,000 more than for a year earlier.
  • There were 22.77 million people working full-time, 291,000 more than for a year earlier. There were 8.35 million people working part-time, 68,000 more than for a year earlier.
  • The employment rate (the proportion of people aged from 16 to 64 who were in work) was 73.6%, the highest since comparable records began in 1971.

CPI fell in the year to September

Consumer Price Inflation, September 2015: ONS

  • The Consumer Prices Index (CPI) fell by 0.1% in the year to September 2015, compared to no change (0.0%) in the year to August 2015.
  • A smaller than usual rise in clothing prices and falling motor fuel prices were the main contributors to the fall in the rate.
  • The rate of inflation has been at or around 0.0% for most of 2015.