Week in Review - 15th September, 2011 | EEF

Week in Review - 15th September, 2011

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↑ Consumer pricesCPI inflation was up again in August, to 4.5%, and has now been above target for 21 months. RPI inflation was also up, to 5.2%. Upward pressures on inflation came from clothing and footwear; housing and household services; and furniture, household equipment and maintenance. There was some downwards pressure, from recreation and culture; and transport.
↓ EEF Pay SettlementsThe three-month average pay settlement was 2.5% in August, edging down a little from a revised figure of 2.6% in July. Since the beginning of the year average settlements have been broadly stable, at a level a little below the long-term average.
↓ Labour Market StatisticsThe number of people in employment fell by 69,000 in the three months to July, while the ILO measure of unemployment rose by 80,000, the largest quarterly increase in unemployment since August 2009. The ILO unemployment rate stands at 7.9%. The Claimant Count measure of unemployment – which records the number of people claiming Job Seekers' Allowance – rose for the sixth consecutive month, to 1.58 million in August, up 20,300 since July. The claimant count rate remained at 4.9%.
↔ Retail Sales Between August 2010 and August 2011 retail sales volumes remained flat, though the value of sales increased by 4.7%.
The week ahead
Wed 21st: Public Sector Finances; MPC minutes


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