- Growth in the value of retail sales and consumer services had eased in recent months.
- Housing market activity had continued to strengthen but remained below pre-crisis levels.
- Investment intentions had continued to point to modest growth in capital spending over the next twelve months.
- Growth in business services turnover had risen further.
- Growth in manufacturing output for the domestic market had edged higher. Growth in manufacturing exports had remained unchanged.
- Construction output had continued to accelerate from a low base, largely reflecting rising house building activity.
- Corporate credit availability and pricing had continued to improve, though conditions remained tight for many small companies.
- Employment intentions pointed to modest employment growth over the next six months. Recruitment had remained slightly easier than normal, though for a number of skilled occupations some difficulties had been reported.
- Capacity utilisation was approaching normal levels in manufacturing and services.
- The annual rate of growth in labour costs per employee had remained unchanged.
- Inflation in materials costs had remained subdued. Imported finished goods price inflation had fallen, largely reflecting the effects of sterling’s recent appreciation.
- Output price inflation had remained muted, but profitability had edged higher.
- Consumer price inflation had edged down, partly reflecting lower fuel prices.
Published on
18 December 2013
Agents' summary of business conditions - December 2013