search
Barnsley
Batley
Bedale
Beverley
Bingley
Bradford
Bridlington
Brighouse
Castleford
Catterick Garrison
Cleckheaton
Cottingham
Darlington
Dewsbury
Doncaster
Driffield
Elland
Filey
Goole
Guisborough
Halifax
Harrogate
Hawes
Hebden Bridge
Heckmondwike
Hessle
Holmfirth
Huddersfield
Hull
Ilkley
Keighley
Knaresborough
Knottingley
Leeds
Leyburn
Liversedge
Malton
Mexborough
Middlesborough
Mirfield
Morley
Normanton
Northallerton
Ossett
Otley
Pickering
Pontetfract
Pudsey
Redcar
Richmond
Ripon
Rotherham
Saltburn-by-the-Sea
Scarborough
Selby
Settle
Sheffield
Shipley
Skipton
Sowerby Bridge
Stockton-on-Tees
Tadcaster
Thirsk
Todmorden
Wakefield
Wetherby
Whitby
Yarm
York
Economic Growth Steady But Subdued While Labour Market Growth Softens
The ONS’s final estimate of Q3 GDP growth was unrevised at 0.4%, continuing the pace of steady but subdued momentum seen since the start of 2017. However, the ONS’ revisions to the composition of growth left it looking more balanced over the quarter, with the breakdown showing a stronger contribution from business investment and exports.

However, while growth in household spending picked up, new data revealed that its foundations remained shaky, with real incomes still under pressure and consumers financing spending by running down their savings.

The CBI’s distributive trades survey seemed to suggest some further strength in consumer spending in December, with retail sales rising for the second month running on a year ago in the run up to Christmas. However, retail sales and orders both disappointed expectations of somewhat stronger growth.

In the three months to October, employment fell by 56,000 to 32 million according to labour market data from the ONS.

Although this marks the second consecutive rolling quarter of falling employment, it follows a long run of strong growth. Furthermore, the labour market remains relative tight, with the unemployment rate unchanged at 4.3%, the lowest since 1975.

But while wage growth (excluding bonuses) rose by 2.3% on the year in the three months to October, it continued to run well below CPI inflation, meaning that real wages continued to fall, further underlying the challenging conditions facing households.

Economic Growth Steady But Subdued While Labour Market Growth Softens, 4th January 2018, 21:02 PM