Full-time male agricultural workers earned on average £367.48/week or £8.09/hour for an average 45.4 hour week during January 2009 an increase of £0.83 on 2008. Female workers earned £7.17. Farm managers earned on average £551.43/week. Over the year to January 2009 the figures were £381.12/week or £7.88/hour for an average 48.4 hour week. Managers got £524.71/week according to the latest figures from DEFRA.
There are to be some changes to the survey in future. The survey will in future be published on an annual basis for the 12 months ending in September. The quarterly data will help achieve a representative sample of workers across the year.
Wednesday, 30 September 2009
June Survey Results From DEFRA
The preliminary estimates of the June Agricultural and Horticultural Survey of the UK for 2009 have been published by DEFRA. The final results will be published later in the year but the preliminary results still give a good estimation of trends in land use, crop areas and livestock.
Agricultural land areas in the UK have increased by 2% since June 2008 and the total croppable area is now 6.2 million hectares. Of the 36% of agricultural land that is considered croppable about half is under cereals, another 20% is temporary grassland. Unused arable land, including bare fallow and GAEC12 land, has increased by 25% to 244,000 hectares.
Arable returns show that the estimated total cereal cropping area in the UK has decreased by 5% to 3.1 million hectares since last year. Wheat accounts for 1.8 million hectares or 70% of cereals, 14% lower than last year and barley, which accounts for 1.15 million hectares, is 12% higher at 26%. The area of land under potatoes has increased again this year by 3.4% to 1.48 million hectares. Oilseeds continue to decrease in area, now at 6.02 million hectares, a 3.4% change on last year. Other field crops have shown a 21.3% increase in area to 6.39 million hectares largely due to large increases in the area of field beans, peas and maize.
Pease and beans have decreased in area to 403,000 hectares but all other vegetables and salads have increased in total area to 814,000 hectares.
National livestock herd sizes of cattle, sheep and pigs have decreased since June 2008. The total number of cattle and calves has decreased by 0.8% to slightly more than 10 million, the breeding herd has decreased by 3% to 3.5 million due to decreases of 3% in both the beef herd and in the dairy herd to 1.6 and 1.9 million respectively. Pigs decreased by 2% from June 2008 to 4.6 million. Breeding sows numbered 440,000, up 5%. The total number of sheep and lambs decreased by 4% to 31.8 million. There were 14.8 million breeding ewes, a decrease of 5% and other sheep and lambs decreased by 3% to 17 million.
Agricultural land areas in the UK have increased by 2% since June 2008 and the total croppable area is now 6.2 million hectares. Of the 36% of agricultural land that is considered croppable about half is under cereals, another 20% is temporary grassland. Unused arable land, including bare fallow and GAEC12 land, has increased by 25% to 244,000 hectares.
Arable returns show that the estimated total cereal cropping area in the UK has decreased by 5% to 3.1 million hectares since last year. Wheat accounts for 1.8 million hectares or 70% of cereals, 14% lower than last year and barley, which accounts for 1.15 million hectares, is 12% higher at 26%. The area of land under potatoes has increased again this year by 3.4% to 1.48 million hectares. Oilseeds continue to decrease in area, now at 6.02 million hectares, a 3.4% change on last year. Other field crops have shown a 21.3% increase in area to 6.39 million hectares largely due to large increases in the area of field beans, peas and maize.
Pease and beans have decreased in area to 403,000 hectares but all other vegetables and salads have increased in total area to 814,000 hectares.
National livestock herd sizes of cattle, sheep and pigs have decreased since June 2008. The total number of cattle and calves has decreased by 0.8% to slightly more than 10 million, the breeding herd has decreased by 3% to 3.5 million due to decreases of 3% in both the beef herd and in the dairy herd to 1.6 and 1.9 million respectively. Pigs decreased by 2% from June 2008 to 4.6 million. Breeding sows numbered 440,000, up 5%. The total number of sheep and lambs decreased by 4% to 31.8 million. There were 14.8 million breeding ewes, a decrease of 5% and other sheep and lambs decreased by 3% to 17 million.
Tuesday, 29 September 2009
Retail Beginning To Stabilise
The latest CBI distributive trades’ monthly survey, for September, suggests that retail conditions are beginning to stabilise. Sales are basically unchanged on the year to September and expected to remain so in October. A slight majority of retailer respondents to the survey reported sales volumes had risen over the year.
The results are better than expected following months of falling sales. Volumes of orders fell slightly but the three month moving average fall is slowing down. Retailers are keeping stocks low but are more than adequate to meet demand.
The sectors contributing to the overall figures include grocers, footwear and leather goods reporting good year-on-year results. All other sectors are falling, but the pace is slowing for clothing and furniture and carpets. Wholesale is ‘flat’ but are expected to fall next month. Food and drink, clothing, footwear and textiles reported the strongest growth. The hardest hit were industrial materials, builders’ merchants and electrical installation materials. Motor traders sale volumes were more or less unchanged in due partly to the scrappage scheme. They had been expected to grow in the year to September and are expected to fall next month.
The results are better than expected following months of falling sales. Volumes of orders fell slightly but the three month moving average fall is slowing down. Retailers are keeping stocks low but are more than adequate to meet demand.
The sectors contributing to the overall figures include grocers, footwear and leather goods reporting good year-on-year results. All other sectors are falling, but the pace is slowing for clothing and furniture and carpets. Wholesale is ‘flat’ but are expected to fall next month. Food and drink, clothing, footwear and textiles reported the strongest growth. The hardest hit were industrial materials, builders’ merchants and electrical installation materials. Motor traders sale volumes were more or less unchanged in due partly to the scrappage scheme. They had been expected to grow in the year to September and are expected to fall next month.
Tuesday, 22 September 2009
Govrnment Can Still Hit Fiscal Targets
Provisional estimates of public finances released last week by the ONS show that in August the public sector current budget had a deficit of £12.8bn and net borrowing of £16.1bn. At the end of August the public sector net debt was £804.8bn or 57.5% of GDP, compared to 52.7% in 2008-9. The public sector net cash requirement was £10.4bn. The public sector current budget in August 2008 was 7.7bn and net borrowing was 9.9bn.
In the financial year so far in 2009-10, there was a public sector current budget deficit of £52.9bn and public sector net borrowing of £65.3bn. The public sector net cash requirement was £57.1bn.
The public sector net debt, excluding the financial sector intervention, according to the latest figures which are up to June 2009 show public sector net debt was £658.2bn or 46.9% of GDP compared with 43.2% in 2008-9.
Total central government receipts in August 2009 were 34.1bn, down from 37.5bn in 2008 and total expenditure was 45.6bn, down from 44.2bn at the same time last year. The Institute of Fiscal Studies commented that receipts were 9.2% lower in August this year and spending 3% higher. The 2009 Budget suggested 7.6% and 7.4% respectively. Public sector net investment was £3.3bn compared to £2.1bn last August. Between April and August public sector net investment amounts to £12.4bn, 37% higher than the same period last year. The 2009 Budget predicted investment of £43.8bn, 16% above last year.
The Institute of Fiscal Studies also commented that Government borrowing was 2.5 times as large as last year rather than twice as large as predicted so borrowing will have to slow to hit their target which is still possible with the new increases in revenue that are due this month and in the New Year.
In the financial year so far in 2009-10, there was a public sector current budget deficit of £52.9bn and public sector net borrowing of £65.3bn. The public sector net cash requirement was £57.1bn.
The public sector net debt, excluding the financial sector intervention, according to the latest figures which are up to June 2009 show public sector net debt was £658.2bn or 46.9% of GDP compared with 43.2% in 2008-9.
Total central government receipts in August 2009 were 34.1bn, down from 37.5bn in 2008 and total expenditure was 45.6bn, down from 44.2bn at the same time last year. The Institute of Fiscal Studies commented that receipts were 9.2% lower in August this year and spending 3% higher. The 2009 Budget suggested 7.6% and 7.4% respectively. Public sector net investment was £3.3bn compared to £2.1bn last August. Between April and August public sector net investment amounts to £12.4bn, 37% higher than the same period last year. The 2009 Budget predicted investment of £43.8bn, 16% above last year.
The Institute of Fiscal Studies also commented that Government borrowing was 2.5 times as large as last year rather than twice as large as predicted so borrowing will have to slow to hit their target which is still possible with the new increases in revenue that are due this month and in the New Year.
Thursday, 17 September 2009
Conditions Remain Difficult In Manufacturing
Orders for British made goods were below normal again both at home and abroad in the month. Firms responding to the CBI Industrial Trends Survey also reported expecting things to remain the same during the next month. It was a slight improvement on August but it is the latest in a sequence of 15 months of negative survey balance.
Exports are particularly weak despite the more favourable value of sterling. No great change is expected in production over the next three months though 25% do expect an increase in volume of output.
Exports are particularly weak despite the more favourable value of sterling. No great change is expected in production over the next three months though 25% do expect an increase in volume of output.
Mixed Fortunes Across Retail In August
The value and the volume of retail sales increased in August, the value by 1.6% and the volume by 2.1%. Value and volume also both increased in the quarter to August at 2.2% and 2.7% respectively.
The classifications that contributed most to the increase in value included food which was 5.5% higher than last year, and non-store retailing and repair at 10.7% higher than a year ago. Predominantly non-food stores fell by 2.8%. Within the non-food sector household goods stores fell by 3.7% and textile, clothing and footwear stores fell by 3.2%.
In terms of volume the main contributors to the 2.1% rise were food stores at 3.3%, the non-store retailing and repair sector was 12.4% higher than last year.
Prices were estimated to be 0.4% lower than August last year. The household good stores price deflator was 0.5% up on the year and positive for the first time since February 1988. The value of Internet sales was £173.6 million or 3.3% of all retail sales.
Of the businesses that responded to the ONS survey 785 were large businesses and 714 were small and medium businesses. A majority in both sectors, 465/320 and 404/310, reported an increase in retail sales over the year covered by the survey.
The classifications that contributed most to the increase in value included food which was 5.5% higher than last year, and non-store retailing and repair at 10.7% higher than a year ago. Predominantly non-food stores fell by 2.8%. Within the non-food sector household goods stores fell by 3.7% and textile, clothing and footwear stores fell by 3.2%.
In terms of volume the main contributors to the 2.1% rise were food stores at 3.3%, the non-store retailing and repair sector was 12.4% higher than last year.
Prices were estimated to be 0.4% lower than August last year. The household good stores price deflator was 0.5% up on the year and positive for the first time since February 1988. The value of Internet sales was £173.6 million or 3.3% of all retail sales.
Of the businesses that responded to the ONS survey 785 were large businesses and 714 were small and medium businesses. A majority in both sectors, 465/320 and 404/310, reported an increase in retail sales over the year covered by the survey.
Wednesday, 16 September 2009
Falls In Employment Rate And Pay In July
There isn't much good news in the ONS Labour Market Survey for September. The number of unemployed, the unemployment rate and the claimant count have all increased. The number of inactive people of working age and the inactivity rate have increased and growth in average earnings has decreased in the three months to July, the period the survey covered. The employment rate has fallen to 72.5% and the total employment level was 28.89 million.
There was another fall in the number of people working in manufacturing at 2.65 million, down 221,000. Total hours worked per week was 908.7 million. Average weekly hours in the quarter to July was 31.5 down 0.1 from April.
The unemployment rate was 7.9% or 2.47 million in the quarter to July 2009, up 743,000 on last year. There were 567,000 people unemployed for over 12 months and 731,000 18-24 year olds. There were 22,000 people 25 years and over claiming for over 2 years. The claimant count was 1.61 million up 693,700 on last year. The economic inactivity rate was 21.1% or 7.99 million in the quarter. That is an increase of 97,000 over the quarter and 125,000 over the year.
Average earnings however increased 2.2% on last year, down 0.2% from June. Pay including bonuses was up 1.7% on the year. Unit wage costs were up 3.6% in the first quarter of the year. In the quarter to July 2009 manufacturing unit wage costs increased by 4.3% and productivity decreased by 3.4%.
There were a total of 434,000 job vacancies in the three months to August, down 12,000, which meant there were 1.7 vacancies for every 100 employee jobs. There were also 246,000 redundancies over the quarter at a rate of 9.8 for every 1000 employees. In July 2009 there were 24,000 working days losts due to labour disputes from 10 stoppages.
There was another fall in the number of people working in manufacturing at 2.65 million, down 221,000. Total hours worked per week was 908.7 million. Average weekly hours in the quarter to July was 31.5 down 0.1 from April.
The unemployment rate was 7.9% or 2.47 million in the quarter to July 2009, up 743,000 on last year. There were 567,000 people unemployed for over 12 months and 731,000 18-24 year olds. There were 22,000 people 25 years and over claiming for over 2 years. The claimant count was 1.61 million up 693,700 on last year. The economic inactivity rate was 21.1% or 7.99 million in the quarter. That is an increase of 97,000 over the quarter and 125,000 over the year.
Average earnings however increased 2.2% on last year, down 0.2% from June. Pay including bonuses was up 1.7% on the year. Unit wage costs were up 3.6% in the first quarter of the year. In the quarter to July 2009 manufacturing unit wage costs increased by 4.3% and productivity decreased by 3.4%.
There were a total of 434,000 job vacancies in the three months to August, down 12,000, which meant there were 1.7 vacancies for every 100 employee jobs. There were also 246,000 redundancies over the quarter at a rate of 9.8 for every 1000 employees. In July 2009 there were 24,000 working days losts due to labour disputes from 10 stoppages.
Tuesday, 15 September 2009
CPI Falls In August
The Consumer Prices Index (CPI) was to 1.6% in August down from 1.8% in July. The factors that contributed most to the downward effect were gas and electricity. Prices in both sectors changed little or not at all this year but rose significantly last year. Another large effect cam from food and non-alcoholic beverages. Food prices were the main factor where prices decreased at their fastest rate for this time of year since 2000. Within the food segment the main factors were fruit, bread, cereals, vegetables and meat.
The largest upward contributor was transport where fuel price rises between July and August and price decreases at record levels last year created the upward effect. Another factor in the transport sector that made a difference was second hand car sales. Prices rose at their fastest ever for this period but fell this time last year. A downward contribution from an increase in fares in European air travel partially offset the trend. The RPI was 1.3%.
The Government target for inflation is 2% in order to maintain economic stability. It is not trying to get the lowest possible rate of inflation. As stability is the aim fluctuations below the target are as unwanted as those above it. The figure of 2% is a figure aimed at by most of the economies around the world. The UK statistics compare well to those for the US and the EU as a whole.
The largest upward contributor was transport where fuel price rises between July and August and price decreases at record levels last year created the upward effect. Another factor in the transport sector that made a difference was second hand car sales. Prices rose at their fastest ever for this period but fell this time last year. A downward contribution from an increase in fares in European air travel partially offset the trend. The RPI was 1.3%.
The Government target for inflation is 2% in order to maintain economic stability. It is not trying to get the lowest possible rate of inflation. As stability is the aim fluctuations below the target are as unwanted as those above it. The figure of 2% is a figure aimed at by most of the economies around the world. The UK statistics compare well to those for the US and the EU as a whole.
Friday, 11 September 2009
More Product News
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Signs Of Economic Recovery Getting Stronger
OECD statistics for July are pointing to a broad economic recovery across all of the G7 countries. France, Italy and the UK are especially encouraging as the signs are that the main indicators in these economies are higher than this time last year. Most other countries indicators are better also showing signs of recovery but still lower than last year and there are signs of a trough appearing in Brazil. There are also signs of recovery in China, India and Russia. The OECD CLI increased 1.5 points in July, 1.9 points lower than July 2008. The euro area CLI increased by 1.9 points, 1.4 points higher than a year ago.
Fall In Prices At Factory Gate In August
The 'factory gate' or output producer prices annual inflation for all manufactured goods for consumer sales fell 0.4% in August. These are the prices manufacturers sell their goods. Input price annual inflation, the price at which they buy their materials, fell 7.5% in August compared with 12.2% in July. Month on month output prices actually rose 0.2% in August and input prices rose 2.2%. The output index that leaves out the more volatile sectors like food, beverages, tobacco and petrol rose 0.7%. These index numbers reflect an increase in the price of crude oil and other imported materials of 1.6%.
Thursday, 10 September 2009
Product News
Some product news! Webgains the affiliate marketing company from Red Pepper have teamed up with Ecotopia
an eco shop and a great place for fairtrade, organic, and eco-friendly shopping. Great value and a great range for eco-surfers and anyone with an ecolifestyle and a love for ecochic. Ecotopia's mission is to help consumers make informed decisions about their shopping habits and make a difference to the world.
Another online store offering that is part of the green consumer revolution is Biome Lifestyle which offers green and sustainable products and recycled and ethically sourced products and homewares.
In the mobile phones market envirofone.com is a leading mobile phone trading platform that pays people to recycle their old mobile phone for cash. It is free and simple to use. Find out how much the old phone is worth and trade it in using a freepost envelope provided by envirofone. If the phone passes the test you will be rewarded with a cheque or Argos vouchers.
The BigGreenSmile offers a wide and competitive range of eco-friendly products in the UK. They believe the individual can have an effect on society, that small changes can make a difference and that changing behaviour helps to reduce the pressure society puts on the environment. BigGreenSmile.com tries to source the most environmentally friendly products of their type, bring them to market and offer as wide a selection of products as possible.
Ethical Superstore offers fair trade and green consumer products from world leading ethical brands such as CafeDirect, Traidcraft, PeopleTree, Green and Blacks, Divine, Ecover and many more! Their range includes gadgets, cosmetics, foods, CDs, DVDs, books and beverages! When you buy from Ethical Superstore you get a choice of marvelous products from all over the world
an eco shop and a great place for fairtrade, organic, and eco-friendly shopping. Great value and a great range for eco-surfers and anyone with an ecolifestyle and a love for ecochic. Ecotopia's mission is to help consumers make informed decisions about their shopping habits and make a difference to the world.
Another online store offering that is part of the green consumer revolution is Biome Lifestyle which offers green and sustainable products and recycled and ethically sourced products and homewares.
In the mobile phones market envirofone.com is a leading mobile phone trading platform that pays people to recycle their old mobile phone for cash. It is free and simple to use. Find out how much the old phone is worth and trade it in using a freepost envelope provided by envirofone. If the phone passes the test you will be rewarded with a cheque or Argos vouchers.
The BigGreenSmile offers a wide and competitive range of eco-friendly products in the UK. They believe the individual can have an effect on society, that small changes can make a difference and that changing behaviour helps to reduce the pressure society puts on the environment. BigGreenSmile.com tries to source the most environmentally friendly products of their type, bring them to market and offer as wide a selection of products as possible.
Ethical Superstore offers fair trade and green consumer products from world leading ethical brands such as CafeDirect, Traidcraft, PeopleTree, Green and Blacks, Divine, Ecover and many more! Their range includes gadgets, cosmetics, foods, CDs, DVDs, books and beverages! When you buy from Ethical Superstore you get a choice of marvelous products from all over the world
Wednesday, 9 September 2009
Shop Price Deflation At Last
The BRC-Nielsen Shop Price Index has reported deflation for the first time since February 2007. It means that shop prices are now lower than they were a year ago. The year-on-year deflation of 0.1% was driven by a fall in food inflation over recent months. Food inflation fell to 2.3% in August. The monthly figures were basically unchanged.
Trade Deficit Remains At £2.4bn.
There was no change in the UK's trade deficit in goods and services between June and July according to the latest ONS UK Trade survey, it remained at £2.4bn. Trade in goods was also unchanged on June at £6.5bn. The surplus from services fell slightly to £4bn from £4.1bn in June. Trade in the quarter left a deficit of £7.2 compared with £8.7bn in goods and services. The goods deficit was £19.3bn from £20.3bn and the services surplus was £12.1 compared with £11.6bn.
The deficit with EU countries fell by £0.2bn from July to £2.6bn with non-EU countries a £0.2bn difference made the deficit £3.9bn from £3.7bn. Exports to EU countries rose 6.5% and to non-EU countries by 3% while imports rose 3% from EU countries and non-EU 4.5%. Total exports rose to £19.2bn or by 5% and total imports by 3.5% to £25.7bn.
The values are generated by a rise in volume of exports of 5% and of imports 2.5%. In the quarter to July there had been a fall in exports of 1% and imports of 2%. Export trends show both imports and exports falling slightly in recent months.
Prices for both imports and exports have also fallen slightly in recent months. In the quarter to July export prices fell by 0.5% and imports by 1.5% leading to an increase in terms of trade.
The deficit with EU countries fell by £0.2bn from July to £2.6bn with non-EU countries a £0.2bn difference made the deficit £3.9bn from £3.7bn. Exports to EU countries rose 6.5% and to non-EU countries by 3% while imports rose 3% from EU countries and non-EU 4.5%. Total exports rose to £19.2bn or by 5% and total imports by 3.5% to £25.7bn.
The values are generated by a rise in volume of exports of 5% and of imports 2.5%. In the quarter to July there had been a fall in exports of 1% and imports of 2%. Export trends show both imports and exports falling slightly in recent months.
Prices for both imports and exports have also fallen slightly in recent months. In the quarter to July export prices fell by 0.5% and imports by 1.5% leading to an increase in terms of trade.
Tuesday, 8 September 2009
Retail Recovery Falling Backwards
Retail sales rose on a total basis in August by 2.2% compared with 1.4% this time last year. Food sales continue to do well increasing slightly from the lows of July. Clothing and footwear weakened slightly. Homewares and furniture fell back to below last year's levels. Internet sales were 7.9% higher than last year.
Manufacturing Increases Again This Month
Manufacturing output has increased by 0.2 per cent in the last three months compared to the previous three months. The increase in output between June and July was by 0.9 per cent. The ONS index for manufacturing in July was 89.6.
The most significant rises were in wood and wood products at 8.4%, transport equipment at 6.9% and rubber and plastic products at 3.9%. There were also increases in food and drink and non-metallic mineral products. The biggest fallers were machinery and equipment at -2.7%, electrical and optical equipment at -1.9%, basic metals and metal products at -1.5% and pulp, paper, printing and publishing at -1.1%.
Output of consumer durables rose by 1.9% but consumer non-durables fell by 0.6% over the quarter. Output of capital goods rose by 0.5% and intermediate goods and energy industries were unchanged. Figures are from ONS Index for Production.
The most significant rises were in wood and wood products at 8.4%, transport equipment at 6.9% and rubber and plastic products at 3.9%. There were also increases in food and drink and non-metallic mineral products. The biggest fallers were machinery and equipment at -2.7%, electrical and optical equipment at -1.9%, basic metals and metal products at -1.5% and pulp, paper, printing and publishing at -1.1%.
Output of consumer durables rose by 1.9% but consumer non-durables fell by 0.6% over the quarter. Output of capital goods rose by 0.5% and intermediate goods and energy industries were unchanged. Figures are from ONS Index for Production.
Thursday, 3 September 2009
Population Increases To Over 61 Million
The resident population of UK in mid-2008 is estimated to have been 61,383,000, up 408,000 on 2007 and 2m on mid-2001. The main contributor to the growth was 'natural change' in the difference between births and deaths. It is the first time in nearly 10 years that it has overtaken net migration as the main contributor.
The higher life expectancy of females is reflected in the fact that older females outnumber older males. The 'baby boomers', now aged between 39-48, are still 'bulging'. The low fertility of the 1970s is reflected in a narrowing of the population pyramid for ages between 31 and 38 and the pyramid also narrows between ages of 7 and 20 due to the low fertility of the late 1980s to early 2000s. From 2003 onwards the base has broadened because of an increasing number of births. The population continues to age. The over 85s reached a record 1.3m or 2% of the population in mid-2008 (422,000 men and 914,000 women). There were more pensioners than under-16s, 11.5m compared to 11.8m.
There are two main theories of population growth, the classical and the modern. Classical theory, the 'dismal science', emphasises real wage rates and the subsistence wage level, modern theory emphasises the improvements in health, hygiene and medicine that have enables people to overcome diseases and live longer and healthier lives. Population growth brings an increase in the demand for capital but is independent of economic growth and can still be very useful in economic model building. The Labour Force Survey and the Workforce-in Employment survey both use population data in comparing the UK with other EU and OECD countries and in calculating the unemployment rate, the participation rate and the employment-to-population ratio. The classical theorists are invalidated to some extent by the inverse relation of real income growth and population growth. Demand of all kinds depends on the size and age structure of the population.
The higher life expectancy of females is reflected in the fact that older females outnumber older males. The 'baby boomers', now aged between 39-48, are still 'bulging'. The low fertility of the 1970s is reflected in a narrowing of the population pyramid for ages between 31 and 38 and the pyramid also narrows between ages of 7 and 20 due to the low fertility of the late 1980s to early 2000s. From 2003 onwards the base has broadened because of an increasing number of births. The population continues to age. The over 85s reached a record 1.3m or 2% of the population in mid-2008 (422,000 men and 914,000 women). There were more pensioners than under-16s, 11.5m compared to 11.8m.
There are two main theories of population growth, the classical and the modern. Classical theory, the 'dismal science', emphasises real wage rates and the subsistence wage level, modern theory emphasises the improvements in health, hygiene and medicine that have enables people to overcome diseases and live longer and healthier lives. Population growth brings an increase in the demand for capital but is independent of economic growth and can still be very useful in economic model building. The Labour Force Survey and the Workforce-in Employment survey both use population data in comparing the UK with other EU and OECD countries and in calculating the unemployment rate, the participation rate and the employment-to-population ratio. The classical theorists are invalidated to some extent by the inverse relation of real income growth and population growth. Demand of all kinds depends on the size and age structure of the population.
Wednesday, 2 September 2009
Low Level Of M&A Activity Involving UK Companies
Foreign companies spent less on acquisitions in the UK in Q2 2009 in the lowest number of transactions since Q2 1987. There were 14 such transactions compared with 25 in Q1 2009. The fall from £12.3bn to £0.4bn is also the lowest since Q2 1987. UK companies also spent less on acquisitions abroad with expenditure decreasing from £3.7bn in 17 transactions in Q1 to £2.4bn in Q2 2009 in 25 transactions. UK to UK acquisition transactions decreased from 88 to 41 with a value of £0.7bn in Q2 2009 the lowest since Q3 1992. Included in these latest statistics from the ONS are the acquisition of a controlling stake in the Vodacom Group by Vodaphone Group for £1.6bn and the disposal of Cadbury by Schweppes Australia for a reported -£0.6bn. UK to UK transactions included the acquisition of Aricom Plc by Peter Hambro Mining Plc.
Tuesday, 1 September 2009
Internet Access Reaches 70% Of Homes
Internet access has reached 18.31 million homes. It represents 70% of households and an increase of 1.85m households since 2008. Of all households 63% or 16.5 million have a broadband connection, up from 56% in 2008. It represents 90% of all Internet access. The youngest group (16-24) had the highest level of access at 96% but the largest growing group is the oldest group (65+) with a 15% increase compared with a 3% increase with the youngest group. More men than women have accessed the Internet in the last three months.
The proportion of daily Internet access users was 73%. The youngest, with 86%, accessed the Internet the most, every day or almost every day. The oldest group use it the least, with 52% using it every day. The most popular uses are e-mail but social networking is growing with 40% of users posting messages and so on. There were also increases in audio-visual uses, web radio and web television. Internet phone calls are also now popular.
Purchasing over the Internet is a growing phenomenon with 64% having purchased online at some time and 83% within the last three months. Men buy films and music, women buy clothes or sporting goods as well as food and groceries. Youger people buy clothes and sporting goods and older people buy books, magazines, newspapers and e-learning materials.
The proportion of daily Internet access users was 73%. The youngest, with 86%, accessed the Internet the most, every day or almost every day. The oldest group use it the least, with 52% using it every day. The most popular uses are e-mail but social networking is growing with 40% of users posting messages and so on. There were also increases in audio-visual uses, web radio and web television. Internet phone calls are also now popular.
Purchasing over the Internet is a growing phenomenon with 64% having purchased online at some time and 83% within the last three months. Men buy films and music, women buy clothes or sporting goods as well as food and groceries. Youger people buy clothes and sporting goods and older people buy books, magazines, newspapers and e-learning materials.
People Watch Over 3.5 Hours Of TV Every Day
Individuals watch 3.56 hours of TV every day compared with 3.96 hours in Q1 2009. Non-terrestrial channels growth rate is slowing down as digital TV penetrates 67.3% of homes. They have now reached a viewing level of 41.7%, over 40% for the first time. Commercial channels increased their share to 63.4%. Figures from IPA Q2 2009 Trends in Television Report.
Services Investing More In Computers
The provisional estimates for total business investment for the second quarter of 2009 were released by the ONS recently. The estimate was £29,894m, down £3,483m or 10.4%, on the previous quarter. Manufacturing accounted for £2,886m and non-manufacturing £27,028m. Compared with Q2 2008 it is down 18.4%. The estimates for investment in computer hardware and software say that about 8% of private sector business investment was on computer hardware and software (3.75% to 4.25%). It was about 7% of manufacturing investment and 9.5% in the service sector.
Computers Lead Decline In Business Services Output
The ONS Index of Services for the quarter to June shows that the index for output (seasonally-adjusted chained volume of gross value added or GVA) fell by 0.6% compared with the previous quarter. Taking the index back to April it increased by 0.2%. The index comprises five components: distribution, hotels and restaurants, transport and communication, business services and finance and government and other services.
In the quarter to June the only increase was in hotels and restaurants at 0.8%. In the latest month the greatest increase was in distribution. There was a decrease of 0.8% in business services and finance. The most significant decreases were in computer services and other business services.
Services accounted for over 76% of gross domestic GDP in 2005. The data for the index are consistent with the quarterly OIE data from earlier releases on GDP in August 2009.
In the quarter to June the only increase was in hotels and restaurants at 0.8%. In the latest month the greatest increase was in distribution. There was a decrease of 0.8% in business services and finance. The most significant decreases were in computer services and other business services.
Services accounted for over 76% of gross domestic GDP in 2005. The data for the index are consistent with the quarterly OIE data from earlier releases on GDP in August 2009.
GDP Decline Revised Upwards
GDP fell by 0.7%, revised from 0.8%, in the second quarter of 2009 compared with the previous quarter. GDP is 5.5% lower than Q2 2008. It is the biggest four quarter fall on record accoring to the ONS. Nominal GDP showed no growth for the quarter. The GDP deflator rose by 1.3% compared with Q2 2008.
The slowdown in output from Q1 to Q2 is due to the services, production and construction sectors. Services fell by 0.6%, production by 0.6% and construction by 2.2%.
Household expenditure fell by 0.7%. An increase in spending on motor vehicles, food and drink was offset by the continued edcline of spending abroad. Government expenditure rose by 0.8%. The volume of spending is 2.5% higher than Q2 2008. The net trade deficit fell to £7.3bn as imports fell faster than exports at 3.7% and 2.6% respectively. The export of services fell by 2.6% and the import of services by 1.9%. Gross fixed capital formation fell by 4.5%.
Employee compensation increased by 1% in the quarter, but still 1.2% below the same quarter last year. The gross operating surplus of corporations decreased by 3.6% following a 4.5% fall in Q1 2009. Taxes less subsidies increased by 3.6%. There was no change in the growth of nominal GDP at market prices.
The slowdown in output from Q1 to Q2 is due to the services, production and construction sectors. Services fell by 0.6%, production by 0.6% and construction by 2.2%.
Household expenditure fell by 0.7%. An increase in spending on motor vehicles, food and drink was offset by the continued edcline of spending abroad. Government expenditure rose by 0.8%. The volume of spending is 2.5% higher than Q2 2008. The net trade deficit fell to £7.3bn as imports fell faster than exports at 3.7% and 2.6% respectively. The export of services fell by 2.6% and the import of services by 1.9%. Gross fixed capital formation fell by 4.5%.
Employee compensation increased by 1% in the quarter, but still 1.2% below the same quarter last year. The gross operating surplus of corporations decreased by 3.6% following a 4.5% fall in Q1 2009. Taxes less subsidies increased by 3.6%. There was no change in the growth of nominal GDP at market prices.
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