This publication includes a summary of economic reports compiled by the Bank of England’s Agents between late August 2017 and late November 2017. It generally makes comparisons with activity and prices a year earlier.
This publication also includes a summary of information gathered by the Bank’s recently established Decision Maker Panel.
- Recruitment difficulties were a growing concern for businesses as labour shortages had become more generalised across sectors and skill levels.
- Despite this, pay growth had only increased a little, reflecting greater focus on non‑pay benefits, a limited number of pay reviews in Q4, and rising input costs. Staff retention and recruitment, and to a lesser degree, inflation, were expected to push pay settlements moderately higher in 2018.
- Consumption growth had eased slightly, reflecting squeezed real incomes and possibly some anticipation of Black Friday. Purchases of big ticket items had eased, and mild weather earlier in the period had weighed on clothing sales.
Agents’ summary of business conditions and results from the Decision Maker Panel - 2017 Q4