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Week in review

Chanderika Chouhan March 27, 2009 10:22

This week's Economic Update:

↓   Earnings growth

EEF’s Pay Bulletin showed pay growth in manufacturing eased to 1.7% in the three months to February. More than two-fifths of companies chose to freeze pay deals.

↑   Inflation  

Consumer Price Index (CPI) inflation rose unexpectedly to 3.2% in February, the first increase since reaching its peak of 5.2% in September.

↓   Business investment

Business investment in manufacturing contracted by 1.6% quarter-on-quarter in the fourth quarter of 2008.

↓   Retail sales growth

Retail sales volumes grew by 0.4% year-on-year in February, marking the slowest growth rate since September 1995.

↓  Current account deficit

The UK current account deficit narrowed to £7.6bn in the fourth quarter from £8.2bn in 2008q3.

↓  GDP  growth

GDP figures showed the economy contracted by 1.6% in the fourth quarter, revised down from -1.5%.

Tags:

Growth

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EEF helps manufacturing businesses evolve and compete.  We provide business services that make them more efficient and management intelligence that helps them plan.  Our work with government encourages policies that make it easy for them to operate, innovate and grow.

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