The Index of Services, published by the ONS, rose 2.1% over the year from May 2009 to 102.5 in May 2010 (seasonally-adjusted). All five components increased in the most recent month on a year earlier. The biggest rise was in business services and finance which rose 2.5%. It rose 1% over the month.
Distribution output increased by 4.5% notably motor trades which rose by 12.5% and retail which rose by 4.1%. Government and other services increased by 1% within which the greatest contribution was from health and social work which contributed 2.6% in output and 0.9 to the overall 1%.
Tuesday, 27 July 2010
Retail Sales Up 2.5%
The value of retail sales in June 2010 went up by 2.5% compared with June 2009 according to the ONS Retail Sales Index. The index stood at 116.3 compared with 116.2 in May 2010 an increase of 0.1% and 113.5 in June 2009. The volume rose by 1.3%. The index was 113.1 compared with 111.7 in June 2009 and 112.3 in May 2010 an increase of 0.7%.
In food stores the value of sales was up by 1.7% on a year ago while the volume was 0.2% lower. The value of sales rose by 3.7% in non-food stores along with an increase of 4.4% in the volume of sales. Household goods rose by 4.4% in value and 6.1% in volume, textiles, clothing and footwear increased in sales value by 3.3% and in volume by 4.2%. The non-specialised store category sales increased in value by 9.1% and volume increased by 10.3%. Non-store retailing increased sales values by 14.1% and volume by 14.8%. The figures are seasonally-adjusted.
Non-seasonally adjusted prices were estimated to have risen by 1.3% compared with June 2009. The value of fuel sales was 3.6% lower than last year but the volume was 15.9% lower. The value of Internet retail sales in June was estimated to have been £437m which equates to 7.9% of total retail sales (excluding fuel). The total value of sales in June 2010 was estimated to have been £30.9bn (non-seasonally-adjusted) and the average weekly value was £6.2bn.
Different sized retailers have a mix of experiences in terms of growth of sales value and volume. The biggest retailers with over 100 employees reported an average 3.3% increase in sales between June 2009 and June 2010. The smallest retailers, with 0-9 employees, sales fell by 0.9% over the same period. Those employing 40-69 employees experienced 51.3% growth over the year but businesses with 70-99 employees saw their sales decrease by 45.7%.
In food stores the value of sales was up by 1.7% on a year ago while the volume was 0.2% lower. The value of sales rose by 3.7% in non-food stores along with an increase of 4.4% in the volume of sales. Household goods rose by 4.4% in value and 6.1% in volume, textiles, clothing and footwear increased in sales value by 3.3% and in volume by 4.2%. The non-specialised store category sales increased in value by 9.1% and volume increased by 10.3%. Non-store retailing increased sales values by 14.1% and volume by 14.8%. The figures are seasonally-adjusted.
Non-seasonally adjusted prices were estimated to have risen by 1.3% compared with June 2009. The value of fuel sales was 3.6% lower than last year but the volume was 15.9% lower. The value of Internet retail sales in June was estimated to have been £437m which equates to 7.9% of total retail sales (excluding fuel). The total value of sales in June 2010 was estimated to have been £30.9bn (non-seasonally-adjusted) and the average weekly value was £6.2bn.
Different sized retailers have a mix of experiences in terms of growth of sales value and volume. The biggest retailers with over 100 employees reported an average 3.3% increase in sales between June 2009 and June 2010. The smallest retailers, with 0-9 employees, sales fell by 0.9% over the same period. Those employing 40-69 employees experienced 51.3% growth over the year but businesses with 70-99 employees saw their sales decrease by 45.7%.
Friday, 23 July 2010
Animal Health Planning Pays
The Farm Business Survey included an animal health and welfare module asking some general questions about animal health planning. It also included more detailed questions on livestock type, expenditure and disease prevention and veterinary expenses.
The analysis carried out on the data collected showed that 73% of farms had a formal written plan for at least one of the livestock species they kept. The principal reason for the health plan was for marketing and farm assurance schemes.
Beef farms with health plans had mortality rates 1.8% lower than farms with no plans and enterprise output (EO) was £10/head higher. They spent £2/head less on vet & med expenses and expenditure on routine vet costs on farms with no plans was double that of farms with plans. A total of 54% of farms with plans were in the low mortality group. Calf mortality was highest in the group with no formal health plans.
Vet & med expenditure on dairy farms did not vary much with economic performance on herd size but the higher performing farms spent more on routine vet services and had the lowest overall mortality rate. The high performance farms were also those with the largest average herd size though they did also have the highest incidence rate for mastitis. The dairy farms with the higher mortality rates spent less on routine vet services and more on non-routine services than farms with lower mortality rates.
Mortality rates on sheep farms without health plans were highest at 7.1% on average. Lamb and ewe mortality was lower overall for farms with formal written plans or instructions and the average EO was £7 higher per breeding ewe than for farms without a plan. Farms with higher mortality rates generally spent less on vet & med than those with lower mortality rates.
Mortality rates on pig farms of all types was 11%. Where the sample was of breeding herds selling weaned or fat pigs the mortality rate went up to 15% and where the holding type was fattening, rearing or other the rate went down to 5%. It was not possible to produce analysis by plan type due to a shortage of the relevant data.
Vets are the main source of information for animal health matters for farmers. Less than a sixth of farmers had specific animal health insurance. The most likely to have insurance were dairy farmers followed by beef, pigs and sheep.
The analysis carried out on the data collected showed that 73% of farms had a formal written plan for at least one of the livestock species they kept. The principal reason for the health plan was for marketing and farm assurance schemes.
Beef farms with health plans had mortality rates 1.8% lower than farms with no plans and enterprise output (EO) was £10/head higher. They spent £2/head less on vet & med expenses and expenditure on routine vet costs on farms with no plans was double that of farms with plans. A total of 54% of farms with plans were in the low mortality group. Calf mortality was highest in the group with no formal health plans.
Vet & med expenditure on dairy farms did not vary much with economic performance on herd size but the higher performing farms spent more on routine vet services and had the lowest overall mortality rate. The high performance farms were also those with the largest average herd size though they did also have the highest incidence rate for mastitis. The dairy farms with the higher mortality rates spent less on routine vet services and more on non-routine services than farms with lower mortality rates.
Mortality rates on sheep farms without health plans were highest at 7.1% on average. Lamb and ewe mortality was lower overall for farms with formal written plans or instructions and the average EO was £7 higher per breeding ewe than for farms without a plan. Farms with higher mortality rates generally spent less on vet & med than those with lower mortality rates.
Mortality rates on pig farms of all types was 11%. Where the sample was of breeding herds selling weaned or fat pigs the mortality rate went up to 15% and where the holding type was fattening, rearing or other the rate went down to 5%. It was not possible to produce analysis by plan type due to a shortage of the relevant data.
Vets are the main source of information for animal health matters for farmers. Less than a sixth of farmers had specific animal health insurance. The most likely to have insurance were dairy farmers followed by beef, pigs and sheep.
Expansion Slowdown Expected To Continue
The slowdown in economic expansion is set to continue according to the OECD Composite Leading Indicators for May 2010. The deceleration continued into the 10th month with an increase of 0.1% point.
France, Italy, China and India seem to have reached a peak in the growth cycle and signs of a peak are emerging in Canada the UK and Brazil. Ongoing expansion is still taking place in Germany, Japan, the US and Russia but at a slower pace. The ASEAN coutries are generally gaining momentum of recovery.
France, Italy, China and India seem to have reached a peak in the growth cycle and signs of a peak are emerging in Canada the UK and Brazil. Ongoing expansion is still taking place in Germany, Japan, the US and Russia but at a slower pace. The ASEAN coutries are generally gaining momentum of recovery.
Thursday, 22 July 2010
Farm Household Incomes Up
Results from the Defra Farm Business Survey 2008-9 on farm household income and household composition show that there were 57,000 farms in England of a size to occupy a farmer for at least half their time while they only account for half the total number of farms in England the farms in the survey account for 91% of total area farmed and 96% of agricultural production.
A total of 73% of the total income of principal farmers households in 2008-9 came from farm business income. The mean household income of principal farmers households was £55,600/household (£53,900/household in 2007-8) and mean off farm income of the farmer and spouse was £13,800 (£13,200 2007-8). Mean income of other household members was £15,200 (£16,000 2007-8). 4,100 principal farmers households had no other income (c7%). Mean farm household income after adjustments for size of household is £45,900 (£45,400 in 2007-8)
The region with the highest average farm household income was the East of England with £83,100 and lowest was the North West with £43,800. Proft exceeded drawings on 56% of farms. A total of 39,600 (69%) farm businesses comprise a single household.
In terms of net worth there is a similar median level of profit and household income for the first three quartiles. Median net worth ranged from £131,000 in the lowest quartile to almost £1.5m in the top quartile. Overall median net worth was £587,000. Median household income for tenanted farms in this population was £42,700 compared with £38,300 for all farms. Over the last three years with an identical sample according to the household income of the principal farmer the bottom quartile had an average income of below £20,000 but the median net worth of the bottom quartile was £409,000.
A total of 73% of the total income of principal farmers households in 2008-9 came from farm business income. The mean household income of principal farmers households was £55,600/household (£53,900/household in 2007-8) and mean off farm income of the farmer and spouse was £13,800 (£13,200 2007-8). Mean income of other household members was £15,200 (£16,000 2007-8). 4,100 principal farmers households had no other income (c7%). Mean farm household income after adjustments for size of household is £45,900 (£45,400 in 2007-8)
The region with the highest average farm household income was the East of England with £83,100 and lowest was the North West with £43,800. Proft exceeded drawings on 56% of farms. A total of 39,600 (69%) farm businesses comprise a single household.
In terms of net worth there is a similar median level of profit and household income for the first three quartiles. Median net worth ranged from £131,000 in the lowest quartile to almost £1.5m in the top quartile. Overall median net worth was £587,000. Median household income for tenanted farms in this population was £42,700 compared with £38,300 for all farms. Over the last three years with an identical sample according to the household income of the principal farmer the bottom quartile had an average income of below £20,000 but the median net worth of the bottom quartile was £409,000.
Countryside Maintenenace And Management From Farm Business Survey
Defra has released statistics on countryside maintenance and management activities on farms in England sourced from the Farm Business Survey 2008-9 covering the 2008 harvest. The survey showed that almost 90% of over 57,000 farms carried out some kind of countryside maintenance and management activities. The figure included 98% of cereal farms. Total costs for countryside maintenance and management activities came to £72m in 2008-9 that is 3% of total farm business income for that year. A total of 8,614 farms took professional advice.
The farms most likely to carry out management activities are the high-performing general cropping farms. The farms least likely to carry out countryside management on their farms are low performing mixed farms. Over half (51%) of medium performing farms carried out countryside maintenance and management activities. The cereal farms spent the most at £25.3m. Mixed farms were next on spend. The lowest spend was on specialist pig and specialist poultry farms at £0.1m and £0.3m respectively.
Associated costs were recorded on 70% of farms carrying out countryside maintenance and management activities. The most popular activity carried out on these farms was the management of boundary features which involved over 42,000 farms. Activities on boundary features such as hedges, stone walls and ditches cost a total of £45.1m, equivalent to 62% of the total countryside maintenance and management spend. Farms with historic and landscape features came next with £15m equivalent to 21% of total spend on 41% of the farms. Arable land activities accounted for £3.7m on the 28% of farms with that activity that recorded a cost.
There were 42,135 farms on which boundary features activites were carried out. Lowland grassland (24,049) came next with the restoration of moorland, pasture with low inputs, enclosed rough grazing and moorland and rough grazing. Countryside maintenance and management on the 22,528 farms with arable land activities involved field corner management, overwinter stubble, uncropped land, wild bird seed mixtures, beetle banks, skylark plots and headland conservation. Historic and landscape features (18,539) included archaeological features and traditional farm buildings, activities involving trees and woodland (16,839) included the protection of infield trees, broadleaved and mixed woodland and old orchards and buffer strips (16,347).
The available data from the 35,975 farms that recorded a cost shows that mixed farms spent the most with £2,935 on average per farm followed by general cropping and the lowest spend was on specialist pig farms with £575. On a per hectare basis the spend was highest on specialist poultry farms with £92 per hectare per farm and the lowest were the general cropping farms at £11 per hectare. The highest costs are recorded by the very large farm businesses on £18.9m but small farms follow closely on £18.4m. The highest average spend per farm was on boundary activities at £1,071, £809 for activities relating to historic and landscape features and the lowest was £24 for LFA grassland activities.
The individual countryside maintenance and management activities can be compared and show that the average costs per farm were highest for historic and landscape feature activities at £2,012 per farm and lowest for ditches at £837.
The farms most likely to carry out management activities are the high-performing general cropping farms. The farms least likely to carry out countryside management on their farms are low performing mixed farms. Over half (51%) of medium performing farms carried out countryside maintenance and management activities. The cereal farms spent the most at £25.3m. Mixed farms were next on spend. The lowest spend was on specialist pig and specialist poultry farms at £0.1m and £0.3m respectively.
Associated costs were recorded on 70% of farms carrying out countryside maintenance and management activities. The most popular activity carried out on these farms was the management of boundary features which involved over 42,000 farms. Activities on boundary features such as hedges, stone walls and ditches cost a total of £45.1m, equivalent to 62% of the total countryside maintenance and management spend. Farms with historic and landscape features came next with £15m equivalent to 21% of total spend on 41% of the farms. Arable land activities accounted for £3.7m on the 28% of farms with that activity that recorded a cost.
There were 42,135 farms on which boundary features activites were carried out. Lowland grassland (24,049) came next with the restoration of moorland, pasture with low inputs, enclosed rough grazing and moorland and rough grazing. Countryside maintenance and management on the 22,528 farms with arable land activities involved field corner management, overwinter stubble, uncropped land, wild bird seed mixtures, beetle banks, skylark plots and headland conservation. Historic and landscape features (18,539) included archaeological features and traditional farm buildings, activities involving trees and woodland (16,839) included the protection of infield trees, broadleaved and mixed woodland and old orchards and buffer strips (16,347).
The available data from the 35,975 farms that recorded a cost shows that mixed farms spent the most with £2,935 on average per farm followed by general cropping and the lowest spend was on specialist pig farms with £575. On a per hectare basis the spend was highest on specialist poultry farms with £92 per hectare per farm and the lowest were the general cropping farms at £11 per hectare. The highest costs are recorded by the very large farm businesses on £18.9m but small farms follow closely on £18.4m. The highest average spend per farm was on boundary activities at £1,071, £809 for activities relating to historic and landscape features and the lowest was £24 for LFA grassland activities.
The individual countryside maintenance and management activities can be compared and show that the average costs per farm were highest for historic and landscape feature activities at £2,012 per farm and lowest for ditches at £837.
Incidents Of TB Down In April
Provisional statistics from Defra's latest TB in Cattle release suggest an 8.2% decrease in the number of new TB incidents in April 2010 compared with the same period in 2009. The increase in the number of herds tested means a provisional overall decrease of 14% in the TB incidence rate. The average confirmed incidence rate for April 2010 was 3.7% and it was 4.1% for the same period last year.
The total number of herds tested in April was 7,927. A total of 3,947 herds are under movement restrictions. There were 6,441 tests on unrestricted herds of which 422 were new herd incidents. In terms of animals this equates to 724,646 total cattle tests. Cattle compulsorily slaughtered as a result of tests numbered 2,812 reactors (cattle that reacted to the tuberculin test) and 81 contacts (direct contact exposed to TB) giving a total of 2,893 animals.
The total number of herds tested in April was 7,927. A total of 3,947 herds are under movement restrictions. There were 6,441 tests on unrestricted herds of which 422 were new herd incidents. In terms of animals this equates to 724,646 total cattle tests. Cattle compulsorily slaughtered as a result of tests numbered 2,812 reactors (cattle that reacted to the tuberculin test) and 81 contacts (direct contact exposed to TB) giving a total of 2,893 animals.
Wednesday, 21 July 2010
Budget Deficit Higher Than Last Year
The most recent estimates of public sector finances from the ONS say that in June 2010 there was a current budget deficit of £12.6bn but if the financial interventions are excluded from the figure the current budget deficit is £13.3bn, £1.1bn higher than in June 2009.
Public sector net borrowing (PSNB) was £14.5bn compared with £14.7bn in June 2009. If financial interventions are excluded PSNB for June 2010 was £15.2bn, £0.3bn higher than June 2009. On a financial year basis PSNB was £40.3bn April-June 2010 compared with £40.9bn in the same period in 2009. Public sector net debt (PSND) was £926.9bn or 63.9% of GDP but without the financial interventions the PSND was £813.7bn or £56.1% of GDP from £664bn at the end of June 2009 which was equivalent to 47.7% of GDP. Public sector net investment of £1.9bn compared with £2.8bn in June 2009.
The public sector net cash requirement was £20.9bn, £0.7bn higher compared with the requirement of £20.2bn in June 2009. Central government borrowing was £15.3bn compared with £19bn in 2009. Total current receipts were £37bn, current expenditure was £49.3bn and with depreciation at -£0.6bn the current budget was -£12.9bn. Local government borrowing was £0.1bn compared with -£0.1bn in 2009.
Public sector net borrowing (PSNB) was £14.5bn compared with £14.7bn in June 2009. If financial interventions are excluded PSNB for June 2010 was £15.2bn, £0.3bn higher than June 2009. On a financial year basis PSNB was £40.3bn April-June 2010 compared with £40.9bn in the same period in 2009. Public sector net debt (PSND) was £926.9bn or 63.9% of GDP but without the financial interventions the PSND was £813.7bn or £56.1% of GDP from £664bn at the end of June 2009 which was equivalent to 47.7% of GDP. Public sector net investment of £1.9bn compared with £2.8bn in June 2009.
The public sector net cash requirement was £20.9bn, £0.7bn higher compared with the requirement of £20.2bn in June 2009. Central government borrowing was £15.3bn compared with £19bn in 2009. Total current receipts were £37bn, current expenditure was £49.3bn and with depreciation at -£0.6bn the current budget was -£12.9bn. Local government borrowing was £0.1bn compared with -£0.1bn in 2009.
Tuesday, 20 July 2010
Returns For UK Companies Fall Again
There has been another slight fall in the net rate of return by private non-financial UK companies in Q1 2010 following a fall last year. The net rate of return was 11.1% (11.4% gross) compared with the revised estimate of 11.3% and 11.6% in 2009.
Service companies NRR was 14.4% (14.3% gross), slightly down on the 14.7% of Q4 2009 and the 16.4% of the same quarter last year. Manufacturing companies NRR was 6.4% (Gross=7.5%) down from the 6.9% of the previous quarter and the 8.3% of the same quarter last year. Companies other than UK continental shelf companies reported NRR of 10.2%. UKCS companies NRR was 36.4% (Gross=22.4%) an improvement on the 32.3% (20.6%) of Q4 2009.
Service companies NRR was 14.4% (14.3% gross), slightly down on the 14.7% of Q4 2009 and the 16.4% of the same quarter last year. Manufacturing companies NRR was 6.4% (Gross=7.5%) down from the 6.9% of the previous quarter and the 8.3% of the same quarter last year. Companies other than UK continental shelf companies reported NRR of 10.2%. UKCS companies NRR was 36.4% (Gross=22.4%) an improvement on the 32.3% (20.6%) of Q4 2009.
Friday, 16 July 2010
First Quarter Increase In Productivity
Productivity increased in the first quarter of 2010 in all four key productivity measures covered by the ONS for the whole economy. Output per worker increased by 1.3% compared with the same time last year and 0.6% on the previous quarter. Output per job increased by 1.6% on last year and 0.6% on previous quarter. Output per hour increased by 1.2% on last year and 0.3% on previous quarter and unit wage costs increased by 3.9% compared with the same time last year and by 1.2% on the previous quarter.
Total productivity output per job was 2.9%. Total manufacturing output per job was 3.7%. The transport equipment sub-section contributed an increase of 25.6% in output per job to the overall manufacturing figure and 21% output per hour worked and 'other non-metallic minerals' contributed an increase of 13.3% in output per job on the same quarter a year ago.
Services increased output per job by 0.4% on the same time last year and 0.3% per job and 0.2% per hour on the previous quarter. Distribution hotels and restaurants increased output per hour by 4.5% on the same quarter a year ago and distribution 6.5%.
The latest available data on agriculture, forestry and fisheries show that output fell by 8.5% per job and by 12% per hour worked in 2009 compared with 2008.
Total productivity output per job was 2.9%. Total manufacturing output per job was 3.7%. The transport equipment sub-section contributed an increase of 25.6% in output per job to the overall manufacturing figure and 21% output per hour worked and 'other non-metallic minerals' contributed an increase of 13.3% in output per job on the same quarter a year ago.
Services increased output per job by 0.4% on the same time last year and 0.3% per job and 0.2% per hour on the previous quarter. Distribution hotels and restaurants increased output per hour by 4.5% on the same quarter a year ago and distribution 6.5%.
The latest available data on agriculture, forestry and fisheries show that output fell by 8.5% per job and by 12% per hour worked in 2009 compared with 2008.
Thursday, 15 July 2010
Consumer Inflation Falling Across Europe
Euro area inflation in June 2010 was 1.4% down from 1.6% in May. EU annual inflation was 1.9% in June from 2% in May. It was 0.6% a year ago.
The lowest annual inflation rates among Member States in June 2010 were in Ireland with -2% and Latvia with -1.6%. Greece had the highest inflation rate with 5.2% followed by Hungary with 5% and Romania with 4.3%. Inflation fell in 15 Member States, remained stable in 4 and grew in 8.
The things that added most to annual inflation in the euro area were transport and alcohol and tobacco. The lowest rates were in communications, recreation and culture and food. Monthly inflation was mostly affected by increases in alcohol and tobacco and hotels and restaurants. The lowest increases were in clothing, transport and communication.
The lowest annual inflation rates among Member States in June 2010 were in Ireland with -2% and Latvia with -1.6%. Greece had the highest inflation rate with 5.2% followed by Hungary with 5% and Romania with 4.3%. Inflation fell in 15 Member States, remained stable in 4 and grew in 8.
The things that added most to annual inflation in the euro area were transport and alcohol and tobacco. The lowest rates were in communications, recreation and culture and food. Monthly inflation was mostly affected by increases in alcohol and tobacco and hotels and restaurants. The lowest increases were in clothing, transport and communication.
Euro Industry Increases Production By 0.9%
Industrial production in the euro area (EU16) increased by 0.9% over the month to May 2010 and by 9.4% over the year. In the EU27 production grew by 0.5% over the month and by 8.7% over the year to May 2010.
The production of durable consumer goods increased by 2.4% in the euro area and by 1.8% in the EU27 in May compared with April. Capital goods increased by 1% and 1.7% respectively and intermediate goods by 0.8% in both the euro area and the EU27. Energy production increased by 0.6% and 1.3% in the euro area and the EU27 respectively and non-durables grew by 0.6% and 0.9%. Production increased in 16 Member States and fell in 6. The highest increase was in Ireland with 7.5%.
Over the year from May 2009 to May 2010 production of intermediate goods increased by 14.7% in the euro area and 13.7% in the EU27. Capital goods increased by 8.6% and 9% in the euro area and the EU27 respectively. Energy production increased by 5.7% and 4.3%. Durables grew by 6.3% in the euro area and 7.7% in the EU27 and non-durables by 3.7% and 3.3% respectively. Industrial production increased in all Member States over the year with the biggest increases in Estonia with 17.2% and Luxembourg with 13.5% and Sweden with 13.4%, Latvia with 13.2% and Germany with 13.1%.
The production of durable consumer goods increased by 2.4% in the euro area and by 1.8% in the EU27 in May compared with April. Capital goods increased by 1% and 1.7% respectively and intermediate goods by 0.8% in both the euro area and the EU27. Energy production increased by 0.6% and 1.3% in the euro area and the EU27 respectively and non-durables grew by 0.6% and 0.9%. Production increased in 16 Member States and fell in 6. The highest increase was in Ireland with 7.5%.
Over the year from May 2009 to May 2010 production of intermediate goods increased by 14.7% in the euro area and 13.7% in the EU27. Capital goods increased by 8.6% and 9% in the euro area and the EU27 respectively. Energy production increased by 5.7% and 4.3%. Durables grew by 6.3% in the euro area and 7.7% in the EU27 and non-durables by 3.7% and 3.3% respectively. Industrial production increased in all Member States over the year with the biggest increases in Estonia with 17.2% and Luxembourg with 13.5% and Sweden with 13.4%, Latvia with 13.2% and Germany with 13.1%.
Wednesday, 14 July 2010
Fall In Unemployment
Unemployment fell by 34,000 over the quarter to reach 2.47m but was up 92,000 on the year. The unemployment rate for the three months to May was 7.8%, down 0.1% on the quarter but up 0.3 points on the year. The number of long-term unemployed increased by 61,000 to reach 787,000. The inactivity rate was down 0.2 or 62,000 on the quarter to 21.3% leaving 8.10 million working age people inactive. The claimant count fell by 20,800 on the month and 100,100 on the year to 1.46m or 4.5%.
The employment rate to May 2010 was up 0.3 to 72.3% or 28.98m employed people, an increase of 160,000. It was 0.6 down on last year. The public sector employed 6.09m and the private sector 22.78m.
Vacancies increased by 10,000 to 486,000 over the quarter. The sector with the largest increase in vacancies was wholesale, retail and motor vehicle repairs with an increase of 11,000 on the quarter.
The earnings annual growth rate for total pay for the quarter to May was 2.7%. Average total pay was £453 per week. Regular pay was £428 per week on average. The growth rate for regular pay was 1.8%. The average total in the private sector was £453 and average regular £418 per week. In the public sector the average total pay was £453 and average regular pay was £461 per week.
There were 30.77m workforce jobs in March 2010 with administration and support services increasing by 90,000. Total hours worked in the three months to May 2010 amounted to 911.4m giving an average of 31.5 hours a week. Output per worker decreased by 1.4% in Q4 2009. Unit wage costs increased by 2.4% over the same period. Nine stoppages in May 2010 cost 13,000 working days and 722,00 working days were lost in 97 stoppages over the year.
The employment rate to May 2010 was up 0.3 to 72.3% or 28.98m employed people, an increase of 160,000. It was 0.6 down on last year. The public sector employed 6.09m and the private sector 22.78m.
Vacancies increased by 10,000 to 486,000 over the quarter. The sector with the largest increase in vacancies was wholesale, retail and motor vehicle repairs with an increase of 11,000 on the quarter.
The earnings annual growth rate for total pay for the quarter to May was 2.7%. Average total pay was £453 per week. Regular pay was £428 per week on average. The growth rate for regular pay was 1.8%. The average total in the private sector was £453 and average regular £418 per week. In the public sector the average total pay was £453 and average regular pay was £461 per week.
There were 30.77m workforce jobs in March 2010 with administration and support services increasing by 90,000. Total hours worked in the three months to May 2010 amounted to 911.4m giving an average of 31.5 hours a week. Output per worker decreased by 1.4% in Q4 2009. Unit wage costs increased by 2.4% over the same period. Nine stoppages in May 2010 cost 13,000 working days and 722,00 working days were lost in 97 stoppages over the year.
High Street Sales Up In June
Retail sales increased 1.2% on a like-for-like basis on June 2009 according to the British Retail Consortium's (BRC) Retail Sales Monitor (RSM) for June 2010 and 3.4% on a total basis.
The World Cup and the hot weather helped food sales growth but clothing and footwear sales growth slowed as many people had done their shopping in May. Non-food non-store sales were 17.3%, higher than this time last year, but lower than the 21.9% in May.
The World Cup and the hot weather helped food sales growth but clothing and footwear sales growth slowed as many people had done their shopping in May. Non-food non-store sales were 17.3%, higher than this time last year, but lower than the 21.9% in May.
CPI Inflation Falls To 3.2% In June
Headline CPI inflation for June 2010 was 3.2%, down from 3.4% in May and stood at 114.6 (2005=100). The main contributors to the fall in the annual CPI were undoubtedly falling petrol and diesel prices and it was also helped by a record fall in June sales prices for clothing and footwear. Upward pressure on inflation came mainly from rises in air fares and increased insurance premiums.
The CPI rose 0.1% between May and June 2010 but the changes are within the normal range for that period. The main causes of the monthly changes were increases in the prices of computer games ands consoles within the recreation and culture category, increased European and long-haul air fares and a record increase for May to June of 5.7% in transport insurance premiums. The downward pressure from clothing and footwear of a 2.1% fall in prices was due mainly to women's outerwear.
The all-items RPI and the RPIX (RPI excluding mortgage payments) increased by 5% from 5.1% in May. The RPIY (excluding mortgage payments and indirect taxes) increased by 3.8%.
The CPI rose 0.1% between May and June 2010 but the changes are within the normal range for that period. The main causes of the monthly changes were increases in the prices of computer games ands consoles within the recreation and culture category, increased European and long-haul air fares and a record increase for May to June of 5.7% in transport insurance premiums. The downward pressure from clothing and footwear of a 2.1% fall in prices was due mainly to women's outerwear.
The all-items RPI and the RPIX (RPI excluding mortgage payments) increased by 5% from 5.1% in May. The RPIY (excluding mortgage payments and indirect taxes) increased by 3.8%.
Tuesday, 13 July 2010
More People Underemployed Than Overemployed
Since the start of the year, more people are saying that they feel underemployed than overemployed and would like to work more hours if the job allowed according to the ONS Economic and Labour Market Review. In the past it was the other way around. Overemployment levels were a million higher than underemployment levels on average from 2001 to 2008. Time-related underemployment means people want to work more hours for more pay and overemployment means they want less hours for less pay. There were 2.81 million time-related underemployed people in January-March 2010 compared with 2.75 million time-related overemployed people.
Shares Of Renewable Energy In Total Consumption
Renewable energy seems to have contributed 10.3% of gross final energy consumption in the EU27 in 2008. It compares with 9.7% in 2007 and 8.8% in 2006. Individual targets are set for all Member States by the 2009 Directive so that the EU will reach a target of 20% share of total energy consumption for renewable energy sources by 2020.
Renewable energy shares vary widely among Member States. Sweden had the highest share of renewable energy in total consumption in 2008 with 44.4%, Finland had 30.5%, Latvia had 29.9%, Austria 28.5% and Portugal had 23.2%. The lowest was Malta with 0.2%. The UK was third lowest with 2.2% of renewable energy in total consumption. All Member States increased their share of renewable energy in total consumption between 2006-8. The largest increases were in Austria from 24.8% to 28.5%, Estonia from 16.1% to 19.1%, Romania from 17.5% to 20.4%, Portugal from 20.5% to 23.2% and Slovakia from 6.2% to 8.4%.
Renewable energy shares vary widely among Member States. Sweden had the highest share of renewable energy in total consumption in 2008 with 44.4%, Finland had 30.5%, Latvia had 29.9%, Austria 28.5% and Portugal had 23.2%. The lowest was Malta with 0.2%. The UK was third lowest with 2.2% of renewable energy in total consumption. All Member States increased their share of renewable energy in total consumption between 2006-8. The largest increases were in Austria from 24.8% to 28.5%, Estonia from 16.1% to 19.1%, Romania from 17.5% to 20.4%, Portugal from 20.5% to 23.2% and Slovakia from 6.2% to 8.4%.
Employment Position Of Disadvantaged Groups Has Improved
Most of the groups who face barriers to work have increased their position relative to the rest of the workforce over the last 10-15 years according to the Economic and Labour Market Review from the ONS.
The Public Service Agreements 2007 identified six groups as facing barriers in employment: the disabled, lone parents, ethnic minorities, the over 50s, the lowest qualified and those living in the most deprived local authority wards. The gap closed most was for lone parents who were only 17 percentage points behind the rest of the population in 2009 compared with 30 points in 1997. The disabled gap has closed to 31 percentage points in 2009 from 41 in 1998. Those in deprived areas saw little change between 2003 and 2009.
The only group for whom the gap widened was those with the lowest qualifications increasing from 17 to 22 percentge points between 1995 and 2009. The workforce has become better qualified since then and fewer peole are in that category now.
The report also suggests that those who are in more than one disadvantaged group are less likely to be employed. The employment rate for those who are not in any disadvantaged group was 82%, for those in one disadvantaged group it was 75%, in two groups 62% and for those in five or six disadvantaged groups the employment rate went down to 15%. People are also more likely to become economically inactive rather than unemployed the more disadvantaged groups they are in. The proportion of the population that were unemployed did not change much according to the number of disadvantaged groups a person was in, 5.1% to 8.2% for those in five or six groups, but the economically inactive increased from 12% to 77% for those in five or six groups.
The Public Service Agreements 2007 identified six groups as facing barriers in employment: the disabled, lone parents, ethnic minorities, the over 50s, the lowest qualified and those living in the most deprived local authority wards. The gap closed most was for lone parents who were only 17 percentage points behind the rest of the population in 2009 compared with 30 points in 1997. The disabled gap has closed to 31 percentage points in 2009 from 41 in 1998. Those in deprived areas saw little change between 2003 and 2009.
The only group for whom the gap widened was those with the lowest qualifications increasing from 17 to 22 percentge points between 1995 and 2009. The workforce has become better qualified since then and fewer peole are in that category now.
The report also suggests that those who are in more than one disadvantaged group are less likely to be employed. The employment rate for those who are not in any disadvantaged group was 82%, for those in one disadvantaged group it was 75%, in two groups 62% and for those in five or six disadvantaged groups the employment rate went down to 15%. People are also more likely to become economically inactive rather than unemployed the more disadvantaged groups they are in. The proportion of the population that were unemployed did not change much according to the number of disadvantaged groups a person was in, 5.1% to 8.2% for those in five or six groups, but the economically inactive increased from 12% to 77% for those in five or six groups.
Price Volatility Over For Now
The BRC-Nielsen Shop Price Index for June 2010 says shop price inflation fell to 1.5% in June 2010 from 1.8% in May. Food price inflation was 1.7% from 2.2% and non-food price inflation 1.4% from 1.6%. The Director General of the BRC said shop price volatility looks to be over for now and low stable inflation is likely for the rest of the year.
Trade In Services Surplus Slightly Down
The Balance of Payments bulletin from the ONS for the first quarter of 2010 reported a current account deficit of £9.6bn as compared with a current account surplus of £0.5bn in Q4 2009. It is mainly due to a lower surplus on income, from £8.1bn to £3.8bn, and an increase of £1bn in deficit on current transfers, an increase of £0.5bn in trade in goods and a lower surplus on trade in services of £0.5bn to £12.5bn. The current account balance is equivalent to -2.7% of GDP.
The deficit in trade in goods and services equals -2.5% of GDP and the surplus on income is 1.1% of GDP. Trade in goods is in deficit by £21.7bn. Exports went up by £1.6bn and imports by £2.2bn. The semi-manufactured goods trade deficit increased by £0.8bn to £1.6bn and finished manufactured goods increased their deficit by £0.2bn to £13.5bn. The deficit in trade in oil narrowed by £0.4bn. The trade deficit in food, beverages and tobacco decreased by £0.3bn to £4.2bn.
The surplus on trade in services was £12.5bn, sightly lower than Q4 2009. Exports of services fell by £0.7bn to £39.1bn mainly due to a fall in the export of financial services, royalties and license fees and construction services. Imports fell by £0.2bn due to decreases in government services and construction services. These were partially offset by an increase in the import of financial services of £0.3bn.
The surplus on income fell to £3.8bn from £11.9bn in the previous quarter. Income credits were £41.5bn due to increased earnings on direct investment abroad. Income debits increased by £8.2bn to £37.6bn due to earnings on increased direct investment in the UK. Portfolio investment in the UK earnings increased by £1bn from £2.4bn to £3.4bn. UK earnings on portfolio investment abroad fell by £0.1bn to £11.6bn. The compensation of employees was £0.2bn. The surplus on direct investment income was down £6.6bn to £10bn. Earnings on direct investment abroad were £22bn due to monetary financial institutions going to profit from loss and increased earnings by financial intermediaries. Foreign earnings on direct investment in the UK increased by £7.7bn to £11.9bn. Foreign earnings on portfolio investment in the UK rose by £1bn to £15.1bn. Income on reserve assets was £0.2bn.
The current transfers deficit increased to £4.3bn due to an increase in UK's payments to EU institutions. The capital account showed an increase of £0.3bn to leave a surplus of £1.2bn.
The deficit in trade in goods and services equals -2.5% of GDP and the surplus on income is 1.1% of GDP. Trade in goods is in deficit by £21.7bn. Exports went up by £1.6bn and imports by £2.2bn. The semi-manufactured goods trade deficit increased by £0.8bn to £1.6bn and finished manufactured goods increased their deficit by £0.2bn to £13.5bn. The deficit in trade in oil narrowed by £0.4bn. The trade deficit in food, beverages and tobacco decreased by £0.3bn to £4.2bn.
The surplus on trade in services was £12.5bn, sightly lower than Q4 2009. Exports of services fell by £0.7bn to £39.1bn mainly due to a fall in the export of financial services, royalties and license fees and construction services. Imports fell by £0.2bn due to decreases in government services and construction services. These were partially offset by an increase in the import of financial services of £0.3bn.
The surplus on income fell to £3.8bn from £11.9bn in the previous quarter. Income credits were £41.5bn due to increased earnings on direct investment abroad. Income debits increased by £8.2bn to £37.6bn due to earnings on increased direct investment in the UK. Portfolio investment in the UK earnings increased by £1bn from £2.4bn to £3.4bn. UK earnings on portfolio investment abroad fell by £0.1bn to £11.6bn. The compensation of employees was £0.2bn. The surplus on direct investment income was down £6.6bn to £10bn. Earnings on direct investment abroad were £22bn due to monetary financial institutions going to profit from loss and increased earnings by financial intermediaries. Foreign earnings on direct investment in the UK increased by £7.7bn to £11.9bn. Foreign earnings on portfolio investment in the UK rose by £1bn to £15.1bn. Income on reserve assets was £0.2bn.
The current transfers deficit increased to £4.3bn due to an increase in UK's payments to EU institutions. The capital account showed an increase of £0.3bn to leave a surplus of £1.2bn.
GDP Falls Over The Quarter, Record Fall Over The Year
The final estimated UK GDP in volume terms increased by 0.3% on the previous quarter, the same as it was estimated in the previous estimate in May. GDP fell in volume by a record 4.9% during 2009. The household saving ratio was 6.9% and real household disposable income rose by 0.4% following a fall of 1% in the previous quarter.
GDP output by category shows that in agriculture, forestry and fisheries output fell by 2.2%. The production industries increased output by 1% over the quarter but output fell by 10.2% over 2009. Mining and quarrying output fell by 0.5% but manufacturing output rose by 1.4%. Electricity, gas and water utilities output increased by 0.4% but construction decreased by 1.6%. Services increased output by 0.3% but output in 2009 fell by 3.3% on 2008 while distribution, hotels and restaurants fell in all sub-categories and by 0.7% overall. Transport, storage and communication increased output by 0.2% due to weaker growth in land transport and post and telecommunications. Business services and finance output increased by 1% due to stronger growth in banking, renting and real estate. Government and other services reported an unchanged level of growth with output in health and social care increasing by 0.5% and other services increasing by 0.2%. Education decreased by 0.6% and public administration and defence output fell by 0.3%.
GDP can also be analysed using expenditure categories. Gross domestic expenditure incrrased by 1.2%. Household final consumption expenditure fell by 0.1% and so the volume of spending in 0.2% lower than Q1 2009. Government final consumption expenditure increased by 1.5% from 0.1% in the previous quarter. Gross fixed capital formation increased by 4.4% compared with a fall of 1.7% in the previous quarter. The increase was mainly due to an increase of 7.8% in business investment which is still 7.7% lower than Q1 2009. General government investment increased by 6.5%. In 2009 gross fixed capital formation decreased by 15% compared with 5% a year earlier. Inventories decreased by £2.2bn. The trade deficit increased to £10.4bn.
The GDP implied deflator at market prices was 2.9% above the same quarter 2009 and increased by 1.7% over the quarter 2010. GDP at market prices increased by 2.1% over the quarter but fell by 3.7% in 2009.
GDP output by category shows that in agriculture, forestry and fisheries output fell by 2.2%. The production industries increased output by 1% over the quarter but output fell by 10.2% over 2009. Mining and quarrying output fell by 0.5% but manufacturing output rose by 1.4%. Electricity, gas and water utilities output increased by 0.4% but construction decreased by 1.6%. Services increased output by 0.3% but output in 2009 fell by 3.3% on 2008 while distribution, hotels and restaurants fell in all sub-categories and by 0.7% overall. Transport, storage and communication increased output by 0.2% due to weaker growth in land transport and post and telecommunications. Business services and finance output increased by 1% due to stronger growth in banking, renting and real estate. Government and other services reported an unchanged level of growth with output in health and social care increasing by 0.5% and other services increasing by 0.2%. Education decreased by 0.6% and public administration and defence output fell by 0.3%.
GDP can also be analysed using expenditure categories. Gross domestic expenditure incrrased by 1.2%. Household final consumption expenditure fell by 0.1% and so the volume of spending in 0.2% lower than Q1 2009. Government final consumption expenditure increased by 1.5% from 0.1% in the previous quarter. Gross fixed capital formation increased by 4.4% compared with a fall of 1.7% in the previous quarter. The increase was mainly due to an increase of 7.8% in business investment which is still 7.7% lower than Q1 2009. General government investment increased by 6.5%. In 2009 gross fixed capital formation decreased by 15% compared with 5% a year earlier. Inventories decreased by £2.2bn. The trade deficit increased to £10.4bn.
The GDP implied deflator at market prices was 2.9% above the same quarter 2009 and increased by 1.7% over the quarter 2010. GDP at market prices increased by 2.1% over the quarter but fell by 3.7% in 2009.
Services Increase Output By 1%
The ONS Index of Services rose by 1% in April 2010 compared with April 2009. All five components saw an increase in output in the most recent month on a year earlier. Distribution made the largest contribution with an increase of 4.6%.
The motor trades made the largest contribution within distribution with an increase of 10.3%. Retail also made a significant constribution with an increase of 3.4%. Hotels and restaurants increased by 0.4% with the biggest increase coming from restaurants. Transport, storage and communication increased output by 0.2% with transport services making the most difference with an increase in output of 4.7%. Business services and finance increased its output by 0.4% in April 2010 compared with April 2009. Real estate made the biggest contribution with an increase in output of 2.6% which added 0.8 percentage points to the 0.4% increase. Government and other services increased their output by 0.5% and the largest contribution came from health and social care which increased by 3.1% adding 1 percentage point to the 0.5% increase on last year.
The motor trades made the largest contribution within distribution with an increase of 10.3%. Retail also made a significant constribution with an increase of 3.4%. Hotels and restaurants increased by 0.4% with the biggest increase coming from restaurants. Transport, storage and communication increased output by 0.2% with transport services making the most difference with an increase in output of 4.7%. Business services and finance increased its output by 0.4% in April 2010 compared with April 2009. Real estate made the biggest contribution with an increase in output of 2.6% which added 0.8 percentage points to the 0.4% increase. Government and other services increased their output by 0.5% and the largest contribution came from health and social care which increased by 3.1% adding 1 percentage point to the 0.5% increase on last year.
Thursday, 8 July 2010
Business Confidence Unchanged In June
The Business Climate Indicator (BCI) remained unchanged after 14 months of improvement. The indicator suggests that the trend will continue though some momentum may be lost. The Economic Sentiment Indicator (ESI) was also broadly unchanged at 100.1 in the EU and 98.7 in the euro area. The BCI and the ESI data is from the European Commission Director General of Economic and Financial Affairs.
GDP Up 0.2% In Europe
EU GDP increased by 0.2% during the first quarter of 2010 according to a news release from Eurostat. GDP in both the euro area and the EU27 rose by the same amount in the quarter according to these second estimates.
These figures compare with the 0.1% and 0.2% growth in GDP in the euro area and the EU27 rspectively in the last quarter of 2009. In comparison with the first quarter of 2009 GDP rose by 0.6% in the euro area and by 0.5% in the EU27 after falling by 2.1% and 2.3% respectively in the previous quarter.
The Member States which data are available show that Ireland recorded the highest GDP growth with 2.7%, then Sweden with 1.4% and Portugal with 1.1% growth on the previous quarter. Comparing the same quarter of the previous year, Slovakia recorded the highest GDP growth with 4.5%. GDP in the US grew by 0.7% and Japan by 1.2% in the first quarter 2010. When compared with the same quarter last year the US GDP has grown by 2.4% and Japan's GDP by 4.2%.
Among the various components of GDP household final consumption expenditure decreased by 0.1% in the euro area and the EU27. Investments fell by 1.2% in the euro area and by 0.3% in the EU27. Exports increased by 2.1% in the euro area and by 2% in the EU27 and imports rose by 3.8% and 3.4% respectively.
These figures compare with the 0.1% and 0.2% growth in GDP in the euro area and the EU27 rspectively in the last quarter of 2009. In comparison with the first quarter of 2009 GDP rose by 0.6% in the euro area and by 0.5% in the EU27 after falling by 2.1% and 2.3% respectively in the previous quarter.
The Member States which data are available show that Ireland recorded the highest GDP growth with 2.7%, then Sweden with 1.4% and Portugal with 1.1% growth on the previous quarter. Comparing the same quarter of the previous year, Slovakia recorded the highest GDP growth with 4.5%. GDP in the US grew by 0.7% and Japan by 1.2% in the first quarter 2010. When compared with the same quarter last year the US GDP has grown by 2.4% and Japan's GDP by 4.2%.
Among the various components of GDP household final consumption expenditure decreased by 0.1% in the euro area and the EU27. Investments fell by 1.2% in the euro area and by 0.3% in the EU27. Exports increased by 2.1% in the euro area and by 2% in the EU27 and imports rose by 3.8% and 3.4% respectively.
Tuesday, 6 July 2010
Unemployment In Europe Stays At 10%
Unemployment in the euro area in May was unchanged at 10%, in EU27 it was also unchanged at 9.6% compared with April 2010. In May 2009 it was 9.4% and 8.9% respectively according to Eurostat.
The seasonally-adjusted percentage changes equate to 23,127 million unemployed people in the EU27 and 15,789 million unemployed people in the euro area. The number of people unemployed in the euro area increased by 35,000 compared with the previous month and decreased by 37,000 in the EU27. Compared with May 2009 the number had increased by 1.801 million people in EU27 and by 0.991 million people in the euro area.
There was a fall in unemployment in 5 Member States and an increase in unemployment in 22. These figures compare with unemployment in the US in May 2010 at 9.7% and in Japan at 5.2%.
The seasonally-adjusted percentage changes equate to 23,127 million unemployed people in the EU27 and 15,789 million unemployed people in the euro area. The number of people unemployed in the euro area increased by 35,000 compared with the previous month and decreased by 37,000 in the EU27. Compared with May 2009 the number had increased by 1.801 million people in EU27 and by 0.991 million people in the euro area.
There was a fall in unemployment in 5 Member States and an increase in unemployment in 22. These figures compare with unemployment in the US in May 2010 at 9.7% and in Japan at 5.2%.
Stocks Of International Currency Reserves
Movements in UK Government net foreign currency reserves in June meant they increased by $435m to a level of $34.7bn or £23.26m compared with $34.3bn or £23.77bn at the end of May 2010. Gross reserves decreased by $654m to $71.1bn. The Bank of England's net foreign currency and gold holdings decreased by $3.06m to a level of -$3.98m. Gross foreign currency holdings at the Bank of England increased by $876m to reach a level of $24.2bn.
Volume Of Retail Trade In Europe
The volume of retail trade in May compared to April 2010 increased by 0.2% in the euro area and 0.4% in the EU27. The May 2010 on May 2009 volume increased by 0.3% and 0.5% respectively.
In May 2010 compared to April 2010, food, drink and tobacco went up 0.2% in the euro area and 0.3% in EU27, non-food increased 0.4% and 0.5% respectively. The greatest increases were in Denmark, Poland and Estonia and the greatest decreases in Malta and Portugal.
Over the year from May 2009 to May 2010 food, drnk and tobacco increrased 0.3% in the euro area and 0.2% in the EU27 and non-food 1% and 1.9% respectively. The highest increases were in France, Sweden and UK and the greatest decreases were in Lithuania, Bulagaria and Latvia.
In May 2010 compared to April 2010, food, drink and tobacco went up 0.2% in the euro area and 0.3% in EU27, non-food increased 0.4% and 0.5% respectively. The greatest increases were in Denmark, Poland and Estonia and the greatest decreases in Malta and Portugal.
Over the year from May 2009 to May 2010 food, drnk and tobacco increrased 0.3% in the euro area and 0.2% in the EU27 and non-food 1% and 1.9% respectively. The highest increases were in France, Sweden and UK and the greatest decreases were in Lithuania, Bulagaria and Latvia.
Industrial PPI In May
The industrial PPI in the euro area went up in May 2010 compared to April by 0.3% and in the EU27 by 0.2%. Comparing May 2010 with May 2009 industrial PPI went up 3.1% in the euro area and 3.7% in the EU27.
In May compared with April 2010 total industry prices excluding energy went up by 0.4% in the euro area and 0.5% in the EU27. Intermediate goods increased by 0.8% in both zones. Consumer durables went up 0.2% in euro area and 0.3% in the EU27. Non-durable consumer goods (incl.fmcgs) went up by 0.1% in the euro area and 0.3% in the EU27. Capital goods went up 0.1% and 0.2%. Prices remained unchanged in the euro area but fell by 0.3% in the EU27. Hungary's index went up 3.4%
The industrial PPI (excl. energy) for May 2010 compared with May 2009 increased by 1.7% in the euro area and 1.8% in the EU27. Intermediate goods increased by 3.9% and 3.8% respectively. Consumer durables went up 0.7% in euro area and 1% in the EU27. Non-durable consumer goods (incl.fmcgs) fell by 0.1% in the euro area and 0.2% in the EU27. Capital goods went up 0.2% in the euro area and 0.5% in the EU27. Energy prices went up 7% in the euro area and 8.6% in the EU27. Malta's total index increased by 17%. There were decreases in Slovakia (-3.1%) and Latvia (-1.2%).
In May compared with April 2010 total industry prices excluding energy went up by 0.4% in the euro area and 0.5% in the EU27. Intermediate goods increased by 0.8% in both zones. Consumer durables went up 0.2% in euro area and 0.3% in the EU27. Non-durable consumer goods (incl.fmcgs) went up by 0.1% in the euro area and 0.3% in the EU27. Capital goods went up 0.1% and 0.2%. Prices remained unchanged in the euro area but fell by 0.3% in the EU27. Hungary's index went up 3.4%
The industrial PPI (excl. energy) for May 2010 compared with May 2009 increased by 1.7% in the euro area and 1.8% in the EU27. Intermediate goods increased by 3.9% and 3.8% respectively. Consumer durables went up 0.7% in euro area and 1% in the EU27. Non-durable consumer goods (incl.fmcgs) fell by 0.1% in the euro area and 0.2% in the EU27. Capital goods went up 0.2% in the euro area and 0.5% in the EU27. Energy prices went up 7% in the euro area and 8.6% in the EU27. Malta's total index increased by 17%. There were decreases in Slovakia (-3.1%) and Latvia (-1.2%).
Thursday, 1 July 2010
Manufacturing Investment Down Almost 30% On Last Year
The ONS have released revised estimates of business investment levels for Q1 2010. The new estimates put investment at £29,136m, an increase of 7.8% from the previous quarter and 7.7% lower than Q1 2009. Manufacturing's share has fallen by 0.2% to £2,364m on the previous quarter and by 29.6% since Q1 2009.
The revised estimate of investment in services within private sector non-manufacturing suggests a rise of 11.1% to £20,734m, construction increased by 36.5% to £602m, while other production has fallen by 2.4% to £4,471m since the previous quarter. Non-manufacturing investment by public sector corporations increased by 0.3% on the last quarter to £966m but has fallen by 15.3% since Q1 2009.
Estimates for private sector investment in computer software and hardware collected by the ONS separately from other capital investment suggest that total computer software investment by businesses for Q1 2010 was £1,593m and hardware £1,647m. Investment in software was down in all categories except 'other services' which went from £1,028m in Q4 2009 to £1,093m in Q1 2010 a big enough increase to increase the total level of investment in software. In hardware, manufacturing was the only category to decrease its investment. These figures suggest that private sector investment in computer software and hardware was about 12% of total business investment and evenly distributed between software and hardware. In manufacturing it was around 9.5% total investment and 12.75% of total investment in services.
The revised estimate of investment in services within private sector non-manufacturing suggests a rise of 11.1% to £20,734m, construction increased by 36.5% to £602m, while other production has fallen by 2.4% to £4,471m since the previous quarter. Non-manufacturing investment by public sector corporations increased by 0.3% on the last quarter to £966m but has fallen by 15.3% since Q1 2009.
Estimates for private sector investment in computer software and hardware collected by the ONS separately from other capital investment suggest that total computer software investment by businesses for Q1 2010 was £1,593m and hardware £1,647m. Investment in software was down in all categories except 'other services' which went from £1,028m in Q4 2009 to £1,093m in Q1 2010 a big enough increase to increase the total level of investment in software. In hardware, manufacturing was the only category to decrease its investment. These figures suggest that private sector investment in computer software and hardware was about 12% of total business investment and evenly distributed between software and hardware. In manufacturing it was around 9.5% total investment and 12.75% of total investment in services.
Eurostat Estimates Inflation Down to 1.4% In June
A flash estimate from Eurostat suggests inflation in the euro-area will be 1.4% in June 2010. It was 1.6% in May.
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