The Commerce Department today revealed US retail sales grew at their quickest pace in seven months in September. According to the Department, sales gained 1.1% on a monthly basis – boosted by clothing and car sales. The figures were better than the 0.7% rise expected by analysts. Furthermore, August retail sales were revised up to [...]
Figures today revealed India’s wholesale price inflation eased to annual rate of 9.72% last month, down from August’s rate of 9.78%. However, the rate is still significantly above the central bank’s target of between 4% and 5% and represented the tenth consecutive month that inflation has been above the 9% mark. Stubbornly high inflation has [...]
The EU statistics office Eurostat has today revealed euro zone industrial output rose by 1.2% in August. On an annual basis, meanwhile, industrial output grew by 5.3%. Both sets of figures beat economists’ forecasts. On a regional basis, Germany, which is the euro zone’s largest economy, saw a monthly fall of 1% but was 7.8% [...]
Inflation in the world’s second largest economy eased last month after reaching a 3-year high in July. According to the National Statistics Bureau, consumer prices rose by 6.2% in August on an annual basis, compared with 6.5% the previous month. Several other economies throughout the world are battling with higher inflation, particularly in Asia, which [...]
According to a preliminary estimate from Eurostat today, euro zone inflation eased in July to 2.5% from 2.7% in June. The figures come despite figures earlier this week suggesting German inflation crept up to 2.4%. Despite the fall, inflation remains higher than the ECB’s target of just below 2% – and is expected to remain [...]
Official figures today revealed China house prices slowed in May, suggesting the Government’s attempts to cool house prices is taking effect. The Government has launched several initiatives to avoid a property bubble. It recently announced plans to introduce a property tax, while making it more expensive to buy second homes, by lifting the minimum down [...]
A survey has revealed that activity in the euro zone services sector eased in May. The closely-watched Markit Purchasing Managers’ Index (PMI) services index edged lower to 56.0 in May from April’s reading of 56.7. However, the index remains above the crucial 50 mark, which separates growth from contraction and it has now been above [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity slowed in May. The closely-watched CIPS/Markit manufacturing PMI dropped to 52.1 in May, from a reading of 54.4 in April. The reading was much lower than the 54.1 expected by analysts and the lowest reading since [...]
According to a preliminary estimate from Eurostat today, euro zone inflation eased in May to 2.7%, from 2.8% in April. Last month, the European Central Bank (ECB) raised interest rates from 1% to 1.25% – the first time in almost three years in a bid to fight inflation. However, despite the fall, analysts expect inflation [...]
The OECD’s chief economist, Pier Carlo Padoan, has warned that the UK may be forced to ease its pace of spending cuts if economic growth remains sluggish. Mr Padoan of the Organisation for Economic Co-operation and Development said if growth worsens, the Government may need to reconsider its plans for cutting the deficit. In the [...]
According to the latest Confederation of British Industry (CBI) distributive trades survey, retailers continue to be cautious about the economic outlook despite a rise in retail sales in May. The CBI’s survey established that the sales balance fell to +18 this month from +21 in April – easily beating analysts’ expectation of a reading of [...]
The Halifax has today revealed UK house prices plunged by 1.4% in April compared with March, driven by weak consumer confidence in the housing market. The latest house price rise takes the average cost of a UK home to £160,395, the Halifax said. Meanwhile, on an annual basis, prices are 3.7% lower – the biggest [...]
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) fell to an annual rate of 4% in March, from February’s 28-month high of 4.4%. The fall was attributed to food prices, which fell 1.4%. While it was the first time in eight months inflation had slowed, it still remains double the target [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit construction purchasing managers’ index (PMI) has today revealed UK construction activity eased slightly in March. The PMI edged lower to 56.4 in March, from February’s 8-month high of 56.5 – albeit better than forecasts of 54.8. However, the index remains above the crucial 50 mark, which indicates [...]
A survey by the Engineering Employers’ Federation (EEF), the manufacturers’ trade body, has revealed manufacturing output eased at the start of 2011, however, firms are optimistic about this year‘s prospects. The survey revealed a balance of 25% of firms reported an increase in output in the first quarter, down from 33% in the previous quarter. [...]
Growth in the UK’s closely-watched service sector slowed in February, figures have revealed today. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) fell to 52.6 in February from January’s eight month high of 54.5. Analysts had expected the index to hit a level of 54.0 in February. December saw a negative [...]
Growth in the UK’s closely-watched service sector eased slightly in November but still remained near October’s four-month high. The latest index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI fell to 53 in November, down slightly from the 53.2 recorded in October. However, the reading was in line with expectations and the index [...]
The Eurostat statistics agency has today revealed inflation in the euro zone eased to 1.6% in August from 1.7% in July. Inflation across the 16-member euro zone hit its highest level in November 2008 – when it reached 2.1%. However, since December 2008, inflation has remained under target of 2%. The main upward pressures on [...]
India’s inflation rate fell last month to its lowest level since January, Government data showed today. Headline inflation eased to 8.5% in August from a revised 9.8% in July – however, this partly due to a change in the way the index is calculated. The new index includes a wider range of consumer goods, such [...]
The Office for National Statistics (ONS) is scheduled to announce the UK inflation rate this morning, with analysts expecting the annual rate to be around 2.9% – representing the ninth consecutive month that it has been above the Bank of England’s target of 2%. Last month, the ONS reported Consumer Price Inflation (CPI) eased to [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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