Press Room: 16 Jul 10
CBI's weekly update on vital business news
- In the three months to May, ILO unemployment fell by 34,000 (to stand at 2.47 million), the first decline since the quarter to January. The number of people in employment also rose (by 160,000), seeing the fastest increase since mid-2006; this was driven largely by a 148,000 increase in part-time employment.
- On a year ago, growth in total average weekly earnings (incl. bonuses) eased to 2.7% in the three months to May. Regular pay growth (excl. bonuses) was weaker, edging down slightly to 1.8%.
- CPI inflation eased slightly to 3.2% in the year to June, from 3.4% in May. The fall was driven primarily by falling prices of petrol, diesel and clothing. RPI inflation saw a smaller decline (to 5.0%, from 5.1% in May), also partly due to falling petrol and oil prices.
- Producer input and output price inflation also eased (for the second month running), standing at 10.7% and 5.1% respectively in June.
- The latest RICS housing market survey showed that growth in house prices slowed in June, as new buyer enquiries fell slightly but new instructions continued to rise solidly. Surveyors predict a slight fall in prices over the next three months, and expectations of rising sales have eased.
Week ending 16/07/2010 - For further information contact: alpesh.paleja@cbi.org.uk
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