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 April 2015 and late May 2015.
- Consumer services and retail sales turnover had continued to grow moderately.
- Housing market transactions remained lower than a year earlier, with some contacts reporting shortages in the supply of homes for sale as the driver of this weakness.
- Investment intentions had pointed to moderate growth in capital expenditure over the following twelve months.
- Business services turnover growth had remained robust and broad-based.
- Manufacturing output growth had edged higher for the domestic market. Growth in goods exports had remained subdued overall.
- Construction output growth had eased further, but pointed to moderate growth.
- Corporate credit conditions had remained at a level somewhat above normal, though they continued to vary by firm size and sector.
- Employment intentions had continued to edge higher and were consistent with modest headcount growth.
- Recruitment difficulties had increased slightly, becoming somewhat more broad-based.
- Capacity utilisation had eased slightly in manufacturing, but remained slightly above normal for services.
- Growth in total labour costs per employee had been steady.
- Materials costs had continued to fall overall. The rate of decline in some imported finished goods prices had eased.
- Output prices had continued to fall on a year earlier for manufacturers, but had risen moderately for business services firms.
- Profitability growth had edged down for manufacturers, and remained modest for services.
- Consumer price inflation had remained negative for goods; retail service prices had continued to increase modestly.
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