- Annual growth in the value of retail sales had eased, but consumer services turnover growth had edged higher.
- Housing market activity had continued to strengthen.
- Investment intentions in both manufacturing and services had continued to point to modest growth in capital spending over the next twelve months.
- Annual growth in business services turnover had edged higher.
- Manufacturing output growth for the domestic market had risen further. Moderate growth in the value of manufactured exports had continued, though the pace of growth had eased very slightly.
- Annual growth in construction output had increased further, with signs that growth was spreading beyond house building.
- Credit availability had continued to improve gradually, including for small and medium-sized enterprises, with evidence of increasing competition to lend.
- There were widespread reports of growth in employment, albeit often incremental. Recruitment difficulties had edged higher and were now close to normal levels.
- Spare capacity had continued to be eroded gradually as output rose.
- The annual rate of growth in labour costs per employee had edged higher, though remained moderate.
- Inflation in materials costs had remained subdued and imported finished goods price inflation had edged lower.
- Output price inflation had remained muted, but profitability had edged higher alongside rising business volumes.
- Inflation in consumer prices had fallen back over recent months, largely reflecting a slowing rate of increase in the price of retail goods.
Published on
22 January 2014
Agents' summary of business conditions - January 2014 