This publication is a summary of monthly reports compiled by the Bank of England’s Agents between late May 2017 and late August 2017. It generally makes comparisons with activity and prices a year earlier.
- Households had responded to squeezed incomes by trading down or focusing on essential purchases. As a result, demand growth had slowed across a number of consumer-facing sectors, and modest nominal consumer spending growth primarily reflected price inflation.
- Investment intentions indicated weaker growth within services, but were more positive for goods exporters.
- Growth in labour costs per employee had been subdued, with settlements clustered around 2% to 3%. Recruitment difficulties remained elevated, with conditions becoming very tight for some skills.
- The impact of past falls in sterling on consumer goods price inflation appeared to have reached its peak. Consumer services price inflation was steady overall.
Agents' summary of business conditions and results from the Decision Maker Panel 2017 Q3