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 January 2015 and late February 2015.
- Consumer demand had continued to grow steadily.
- There were signs of a pickup in housing market activity since the start of the year.
- Investment intentions for the next twelve months were consistent with moderate growth overall.
- Business services turnover growth had remained robust and broadly based.
- Manufacturing output growth for the domestic market had edged lower. But manufacturing export growth had picked up slightly from low levels.
- Construction output growth had continued to ease slightly, but remained robust overall.
- Corporate credit availability had continued to improve.
- Employment intentions had eased further for business services firms, but were consistent with modest headcount growth overall.
- Recruitment difficulties had changed little, at a level somewhat above normal.
- Capacity utilisation had remained at broadly normal levels in manufacturing, but slightly above normal for services.
- Growth in total labour costs per employee had been broadly steady.
- Materials costs and imported finished goods prices had remained lower than a year earlier.
- Output prices had been broadly flat on a year earlier for manufacturers, although they had risen moderately for business services firms. Profitability had increased modestly.
- Consumer price inflation had fallen further for goods. Moderate rates of inflation in services prices had continued.
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Agents' scores