The latest Agent’s summary from the Bank of England highlighted that whilst growth in consumer services turnover had been steady, retail sales growth had eased. House prices had risen, as the housing market strengthened and construction output growth also continued at a steady pace.
Although there had been little change in the growth of total labour costs per employee, there were signs of wage pressures building. However employers were still advising that they intended to recruit new employees, even though recruitment difficulties remained.
Manufacturing output remained modest, although manufacturing exports had improved. Business services turnover growth remained firm overall.
