Week in Review - 16th December, 2011

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↓ Consumer pricesAfter hitting 5.2% in September CPI has begun to fall back, and was 4.8% in November. RPI also fell, to 5.2%. The largest downward pressures to the change in CPI annual inflation between October and November came from food, petrol, clothing and furniture, household equipment & maintenance. Upward pressure came from increases in the cost of domestic heating and sales of alcohol.
↓Labour market statisticsThe number of people in employment fell by 63,000 in the three months to October, while the ILO measure of unemployment rose by 128,000, remaining at its highest level since 1994. The ILO unemployment rate stayed at 8.3%. The Claimant Count measure of unemployment – which records the number of people claiming Job Seekers' Allowance – rose for the ninth consecutive month, though the claimant count rate was unchanged at 5.0%.
↔ EEF Pay SettlementsThe three-month average pay settlement was 2.5% in November, up slightly from 2.4% in October. There has been little change in the level of settlements throughout 2011: they have remained between 2.4% and 2.6% all year.
↓ Retail salesCompared with October 2011, retail sales volumes decreased by 0.4% and sales values decreased by 0.1% in November. However, retail sales volumes increased by 0.7% and sales values increased by 4.6% over the year.
The week ahead
Wed 21st: Public Sector Finances; MPC minutes
Thu 22nd: Q3 GDP final cut; balance of payments; business investment
Fri 23rd: Index of services; productivity

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