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ECONOMIC SNAPSHOT


offsetting downward effects came from price changes for games, domestic electricity, food and non- alcoholic beverages, and furniture and furnishings.The Consumer Prices Index (CPI) 12-month rate was 2.4% in May 2018, unchanged from April 2018.


Retail Sales – May 2018 In May 2018, the quantity bought in the retail industry increased by 1.3% when compared with April 2018 with growth across all main sectors. Feedback from retailers suggested that a sustained period of good weather and Royal Wedding celebrations encouraged spending in food and household goods stores in May.


The quantity bought saw a sharp


increase to year-on-year growth in May at 3.9% when compared with April at 1.4%; possibly due to a combination of warm weather and slow year-on-year growth in May 2017 at 0.8%.


Online spending for food, department and clothing stores continued to increase, achieving


new record proportions of online retailing in May at 5.8%, 17.4% and 17.6% respectively. The proportion of online spending in clothing stores has grown at a much faster rate in the last 14 months, from 14.7% in March 2017 to 17.6% in May 2018.


Mortgage approvals – April 2018


The number of mortgages approved for house purchase in the UK fell for the third month to 62,455 in April of 2018 from a downwardly revised 62,802 in the previous month and below market expectations of 63,000. Mortgage lending increased by GBP 3.894 billion in April 2018.


House Price Index - April 2018 Average house prices in the UK have increased by 3.9% in the year to April 2018 (down from 4.2% in March 2018). This is its lowest annual rate since March 2017 when it was 3.7%. The annual growth rate has slowed since mid-2016 and has remained under 5%, with the exception of October 2017, throughout 2017 and into 2018.


Labour Market – February-April 2018 Estimates from the Labour Force Survey show that, between November 2017 to January 2018 and February to April 2018, the number of people in work increased, the number of unemployed people decreased and the number of people aged from 16 to 64 years not working and not seeking or available to work also decreased. There were 32.39 million people in work, 146,000 more than for November 2017 to January 2018 and 440,000 more than for a year earlier. The unemployment rate was 4.2%, down from 4.6% for a year earlier and the joint lowest since 1975.


Construction output - April 2018 Construction output continued its recent decline in the three-month on three-month series, falling by 3.4% in April 2018; the biggest fall seen in this series since August 2012. The three-month on three-month


decrease in construction output was driven by falls in both repair &


maintenance and new work, which fell by 3.0% and 3.7% respectively. Following three consecutive months of contraction in the month- on-month series at the start of 2018, construction output experienced a slight bounceback in April 2018, increasing by 0.5%.


Commodity prices - May 2018 Commodity prices were mostly higher in May, led by energy, which surged 7.4%. Non-energy commodities rose 0.1%. Grains rose 0.8%, metals and minerals 0.4%, and beverages 1.4%.


Foreign exchange analysis – Reuters – June 27, 2018 British inflation fell unexpectedly in


April, according to figures published on Wednesday, April 23 that added to doubts about when the Bank of England will raise interest rates again and pushed sterling to its lowest level against the dollar this year.


1 GBP = 1.13 EUR 1 GBP = 1.33 USD


www.diyweek.net


20 JULY 2018 DIY WEEK 15


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