- Growth in consumer goods sales had continued at a slow rate, with contacts anticipating a late pre-Christmas surge in demand. Growth in demand for consumer services had also remained very modest.
- The Funding for Lending Scheme was expected to take a few more months to have a meaningful impact on housing market activity. But competition was improving both in the mortgage and commercial lending markets.
- Investment intentions had remained broadly stable, at a low, though positive, rate of growth.
- Export sales growth had recently steadied, in part due to demand from emerging economies.
- Growth in the output of business services had continued at a slow pace.
- The gentle easing in manufacturing output for the domestic market had not altered, but growth in output for export had steadied.
- Construction output was still lower than a year ago.
- Employment intentions had picked up a little in business services but were otherwise unchanged.
- Capacity pressures remained a little below normal.
- The rate of inflation in labour costs remained low.
- Non labour cost inflation had edged up slightly but remained below the rate of six months ago.
- Output price inflation had picked up a little, but firms’ margins were tightening.
- The rate of consumer goods price inflation had softened slightly.
- Consumer services price inflation had continued to drift up.
Published on
23 January 2013
Agents' summary of business conditions - January - 2013