Agents' summary of business conditions - July 2015

We regularly publish a summary of reports compiled by our twelve regional Agents following discussions with at least 700 businesses across the UK every reporting period.
Published on 22 July 2015

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 May 2015 and late June 2015.

  • Growth of consumer services turnover had been steady, but retail sales values growth had eased.
  • Housing market transactions had picked up and house prices had risen.
  • Investment intentions pointed to moderate growth in capital expenditure over the next twelve months.
  • Business services turnover growth remained firm overall, with growth in professional services outpacing other business services.
  • Manufacturing output growth remained modest, although growth in manufacturing exports had edged up from a low base.
  • Construction output growth had been steady.
  • Corporate credit conditions had eased further.
  • Employment intentions had continued to increase.
  • Recruitment difficulties had risen to their highest level since 2007, having broadened across sectors.
  • Capacity utilisation had edged higher overall, and was slightly above normal in the service sector and marginally below normal in manufacturing.
  • Growth in total labour costs per employee had been little changed, but there were signs of building wage pressures.
  • The pace of decline of materials costs and imported finished goods prices had slowed slightly.
  • Manufacturing output prices had continued to fall on a year earlier, but business services prices had risen modestly.
  • The rate of decline of consumer prices had stabilised for goods. Consumer services price inflation had remained modest.

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This page was last updated 31 January 2023