Press Room: 19 Feb 10
Economics - Week's data ending 19 February 2010
- ILO unemployment fell marginally (by 3,000) in the fourth quarter of 2009 to stand at 2.46 million, seeing a slight decline for the second rolling three-month period. However, claimant count unemployment posted a surprise increase of 23,500 in January (standing at 1.64 million), after having fallen slightly for the past two months.
- Annual growth in total average weekly pay (i.e. including bonuses) remained sluggish at 0.8% in the three months to December but much higher in the public sector than in the private sector. Regular pay (excluding bonuses) growth remained at a record low (since 2001) of 1.2%.
- CPI inflation jumped to 3.5% in the year to January, exceeding the 2% target by more than 1% and triggering an open letter from Bank of England governor Mervyn King to the Chancellor. The increase in CPI inflation was once again due to temporary base effects from the increase in VAT, as well as rising fuel prices in comparison to a fall over the same period a year ago. RPI inflation rose to 3.7% (from 2.4% in December), driven also by an increase in mortgage interest payments, against a fall a year earlier.
- The Department for Communities and Local Government (DCLG) reported a 0.8% increase in house prices in December, somewhat slower than the 1.7% rise in November. House prices were 2.9% higher than a year ago, the fastest annual growth since May 2008.
Source: CBI Business Update - Week Ending 19 February 2010
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