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Week in review - June 19 2009

Chanderika Chouhan June 19, 2009 16:14

This week:

↓  Earnings growth

EEF’s Pay Bulletin reported the three-month average pay settlement fell to a new record low of 0.8% in May. Pay freezes accounted for 65% of all settlements.

Excluding bonuses, official statistics showed earnings growth slowed to 2.7% in the three months to April compared to the same period a year ago. Manufacturing earnings growth slowed to 1%.

↑  Unemployment

Unemployment levels rose to 2.3m in the three months to April, up 232,000 from March. This bought the unemployment rate up to 7.2% from 7.1%.

↓  Inflation

CPI inflation eased to 2.2% in May, from 2.3% in April. RPI inflation edged up to -1.1% from -1.2%.

MPC minutes

The Monetary Policy Committee held steady on interest rates and quantitative easing. It also issued a consultation on how to develop a programme of new purchases.

↓  Retail sales growth

Official statistics show growth in retail sales volumes slowed from 0.7% to 0.6% in the three months to May, compared to the same period a year ago.

For more info check out our weekly Economic Update.

 

 

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This is an informal blog about manufacturing and the economy written by EEF's policy and representation staff. While it is written from an EEF perspective, contributions should not be taken as formal statements of EEF policy, unless stated otherwise. Nor does it cover all the issues on which we campaign - you can check these out in more detail at our main site.

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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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