UK Economic Climate – Flash Report 17.11.11
Unemployment Indicator: Labour market statistics; November 2011 Source: Office for National Statistics (Graph: BBC) Release date: 9.30am (London time) 16.10.11
Unemployment in the UK has risen by 129,000 in the three months to September and now stands at 2.62 million up from 2.57 million. Stealing the headlines was the figure for 16 to 24-year-olds which hit a record of 1.02 million. The claimant count for unemployment benefit climbed by only 5,300, a smaller increase than September’s 17,500. The chancellor of the exchequer George Osborne has been under fire all week as the UK continues to struggle to build economic momentum. These figures seem to vindicate his critics who believe he has spent too long blaming the UK’s poor economic performance on the sovereign debt problems in the eurozone and not enough time coming up with a real plan for economic growth. Osborne will have a chance to answer those critics in his Autumn statement on November 29. Prices as at: 15.45 pm (London time) 17.10 | FTSE 100: 5438.68 (-1.28%) | FTSE 250: 10,172.94 (-1.00%) | Forex trading: GBP/USD: $1.5790 (+0.38%)
GDP Indicator: Second quarter GDP – First estimate Source: Office for National Statistics (Graph: BBC) Release date: 01.11.11
According to the first estimate from the Office for National Statistics, the UK economy grew by a better-than-expected 0.5% in the third quarter which was up from the 0.1% growth seen in the second quarter. ‘Of course the British economy has got this difficult journey. It is a journey made more difficult by the kinds of things you see for example today in the markets because of the situation in the eurozone,’ commented chancellor of the exchequer George Osborne. Consumer Confidence Indicator: GfK Consumer Confidence Index Source: GfK NOP Release date: 28.10.11
The GfK NOP Consumer Confidence index decreased by two points to -32 in October; it’s only the third time in history that the index has breached this figure. The fall follows a one point increase in September. ‘On both previous occasions - June 2008 and March 1990 - consumer confidence was entering periods of sustained weakness and the UK economy was going into recession,’ commented Nick Moon, managing director of GfK. Retail sales Indicator: Retail sales growth Source: ONS Release date: 17.11.11
And, according to the Office for National Statistics UK retail sales climbed 0.6% in October from a month before. Consumers in the UK spent £26.8 billion on retail goods in October, up from £25.4 billion in October 2010. The release highlighted the influence of heavy discounting by retailers in order to boost pre-Christmas sales. For all the very latest financial market information visit: www.cfd-trading-information.com.
The above comments do not constitute investment advice and David Choice Intelligence accepts no responsibility for any use that may be made of them.
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