Week in Review - 20th January, 2012

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↓ Consumer pricesCPI inflation fell to 4.2% in December, and is already some way down from its peak of 5.2% seen in September. RPI has also fallen back, and now stands at 4.8%. Downward pressure on inflation came from petrol, gas and clothing. There was some upward pressure from landline and mobile phone charges.
↓ Labour market statisticsThe number of people in employment increased by 18,000 in the three months to November, which was driven by increased self-employment. The ILO measure of unemployment rose by 118,000, remaining at its highest level since 1994. The ILO unemployment rate rose to 8.4%. The Claimant Count measure of unemployment – which records the number of people claiming Job Seekers' Allowance – rose for the tenth consecutive month, though the claimant count rate was unchanged at 5.0%.
↔ EEF Pay SettlementsThe three-month average pay settlement was 2.4% in December, this was down slightly from 2.5% the month before, but was based on only a small number of settlements, Average settlement levels remained stable throughout 2011, between 2.4% and 2.6%. Official statistics showed that across the whole economy, pay rose by 1.9% in the three months to November and by 1.5% for manufacturing. Excluding bonuses, pay was up 1.9% across the economy and by 1.6% in manufacturing.
↑ Retail salesThe volume of retail sales was 2.6% higher in December 2011 than in December 2010. The value of retail sales increased by 6.2% over the same period, reflecting a 2.4% increase in prices.
The week ahead
Tue 24th: Producer Prices Indices
Wed 25th: GDP (2011 Q4 Preliminary estimate)
Thu 26th: GfK NOP Consumer Confidence


This person has now left EEF. Please contact us on 0808 168 1874 or email us at enquiries@eef.org.uk if you have any questions.

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