Agents' Summary of Business Conditions - December 2013

• 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.

Agents' summary of business conditions - December 2013 

• Agents' scores (xlsx)
• Definitions of the Agents' national scores (pdf)
• Response to consultation on changes to Agents' scores