Agents' Summary of Business Conditions - December 2013

Published on 18 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.