Agents' Summary of Business Conditions - January 2013

• 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.

Agents' summary of business conditions - January - 2013

• Agents' scores (xlsx)
• Definitions for the Agents’ scores
• Response to consultation on changes to Agents' scores