Menu
03/10/2001
Mixed signals from UK economy indicators
With the CBI reporting that retail sales in September grew at their fastest rate for five years in addition to other important indicators revealing a fall in activity in the service sector, the UK economy is showing signs of further fragmentation.
Just over half of the retailers included in the CBI survey reported a rise in sales during the September period. Groceries, footwear and leather goods, specialist foods and household goods buoyed up the retail sector, which appears to be showing little signs of a decrease in consumer confidence.
However, a report out on Wednesday revealed that the UK service sector had experienced a slowdown for the first time in almost three years. A Chartered Institute of Purchasing and Supply (CIPS) report highlighted that the private service sector, which had until recently been buoyant, had seen a downturn in the wake of the terrorist attacks on the US. Various non-retail sectors, such as transport, hotels, and restaurants, had all experienced a recent decline in activity.
Contrasting with a report earlier in the week from the Nationwide that indicated that house prices were continuing to rise, a report by the Halifax, the UK’s largest mortgage lender, revealed that house prices rises had stalled last month. Both reports agreed that a slowdown in house price rises was on the cards as part of a general economic downturn.
On Tuesday the US Federal Reserve made a 0.5 per cent cut in interest rates to held hold up the flagging US economy. The cut took the US interest rate to a 40-year low of 2.5 per cent.
The Bank of England Monetary Policy Committee MPC is to meet on Wednesday, October 3, to decide on the UK interest rate. The MPC’s decision on UK interest rates will be announced on Thursday, October 4. (SP)
Just over half of the retailers included in the CBI survey reported a rise in sales during the September period. Groceries, footwear and leather goods, specialist foods and household goods buoyed up the retail sector, which appears to be showing little signs of a decrease in consumer confidence.
However, a report out on Wednesday revealed that the UK service sector had experienced a slowdown for the first time in almost three years. A Chartered Institute of Purchasing and Supply (CIPS) report highlighted that the private service sector, which had until recently been buoyant, had seen a downturn in the wake of the terrorist attacks on the US. Various non-retail sectors, such as transport, hotels, and restaurants, had all experienced a recent decline in activity.
Contrasting with a report earlier in the week from the Nationwide that indicated that house prices were continuing to rise, a report by the Halifax, the UK’s largest mortgage lender, revealed that house prices rises had stalled last month. Both reports agreed that a slowdown in house price rises was on the cards as part of a general economic downturn.
On Tuesday the US Federal Reserve made a 0.5 per cent cut in interest rates to held hold up the flagging US economy. The cut took the US interest rate to a 40-year low of 2.5 per cent.
The Bank of England Monetary Policy Committee MPC is to meet on Wednesday, October 3, to decide on the UK interest rate. The MPC’s decision on UK interest rates will be announced on Thursday, October 4. (SP)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
15 April 2016
NICEI Report Finds Slight Increase In NI Economy
The economy in Northern Ireland grew by 0.9% in the last quarter of 2015, compared to the same period in 2014. The number was revealed in the latest NI Composite Economic Index (NICEI), which was published today by the Northern Ireland Statistics & Research Agency.
NICEI Report Finds Slight Increase In NI Economy
The economy in Northern Ireland grew by 0.9% in the last quarter of 2015, compared to the same period in 2014. The number was revealed in the latest NI Composite Economic Index (NICEI), which was published today by the Northern Ireland Statistics & Research Agency.
15 April 2013
NI Firms More Optimistic On Job Creation Over The Next Year
The Barclays Job Creation Survey 2013, which questioned over 700 UK businesses, has revealed that Northern Ireland business executives have a growing optimism around private sector job growth in 2013.
NI Firms More Optimistic On Job Creation Over The Next Year
The Barclays Job Creation Survey 2013, which questioned over 700 UK businesses, has revealed that Northern Ireland business executives have a growing optimism around private sector job growth in 2013.
08 December 2010
Construction Recovery Stalled Until 2013
The recovery in construction output experienced by the industry during much of 2010 will stall in 2011 according to the latest forecasts from the Construction Products Association (CPA). Industry output is expected to decline by 2% in 2011 compared with 2010, with a further fall anticipated in 2012.
Construction Recovery Stalled Until 2013
The recovery in construction output experienced by the industry during much of 2010 will stall in 2011 according to the latest forecasts from the Construction Products Association (CPA). Industry output is expected to decline by 2% in 2011 compared with 2010, with a further fall anticipated in 2012.
15 October 2010
Economy Needs Fillip - Not Cut-backs
Stimulating enterprise and trade must be a priority going beyond public sector cuts says banking economists. According to the Northern Bank's Chief Economist Angela McGowan, decision-makers need to bring forward measures for growing the private sector alongside anticapated proposals to slim the public sector.
Economy Needs Fillip - Not Cut-backs
Stimulating enterprise and trade must be a priority going beyond public sector cuts says banking economists. According to the Northern Bank's Chief Economist Angela McGowan, decision-makers need to bring forward measures for growing the private sector alongside anticapated proposals to slim the public sector.
15 April 2009
Recession Hitting NI Retailing And Construction Sectors Hardest
While the construction industry 'led' the way in a league of poorly performing NI businesses sectors, it has emerged that retail businesses have also performing been badly in the local economy this year.
Recession Hitting NI Retailing And Construction Sectors Hardest
While the construction industry 'led' the way in a league of poorly performing NI businesses sectors, it has emerged that retail businesses have also performing been badly in the local economy this year.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
