This publication is a summary of monthly reports compiled by the Bank of England’s Agents following discussions with contacts in the period between late November 2014 and late December 2014.
- Retail sales values growth had edged higher and consumer services turnover growth had picked up slightly.
- Housing market activity had been subdued relative to levels a year earlier.
- Investment intentions for the next twelve months had continued to ease slightly, but were consistent with moderate growth overall.
- Business services turnover growth had edged down slightly, but remained relatively robust.
- Manufacturing output growth for the domestic market had eased slightly, and manufacturing export growth had slowed further.
- Construction output growth had remained strong.
- Corporate credit conditions had continued to improve, with evidence of increased competition among lenders.
- Employment intentions had eased for manufacturers, but were consistent with modest headcount growth overall.
- Recruitment difficulties had been little changed at a level somewhat above normal.
- Capacity utilisation was at broadly normal levels in manufacturing, but slightly above normal for services.
- Growth in total labour costs per employee had been steady, though there were signs of increasing wage pressures in some subsectors with skills shortages.
- Materials costs and imported finished goods prices had remained lower than a year earlier.
- Output prices were little changed on a year earlier in manufacturing, though had increased moderately in business services.
- Consumer price inflation had turned negative for goods. Moderate rates of inflation in services prices had continued.
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