The latest survey from the Institute for Supply Management (ISM) has revealed a rise in US factory output. According to the ISM, the manufacturing activity index rose to 60.8 in January, from December’s 58.5. The reading, which was the highest since May 2004, was better than analysts expected and drove US stocks up to a [...]
A survey conducted between December and January revealed a sharp fall in consumer confidence. According to the survey of consumer attitudes, carried out by GfK NOP Social Research, confidence plunged by 8 points to -29, the biggest fall since the last recession in 1992. The research company highlights that the figure was the lowest since [...]
The latest survey from the Nationwide Building Society has revealed an improvement in UK consumer confidence for the month of December after three months of falls. The building society’s consumer confidence index rose to 53 in December, up from 45 in November – which represented the lowest reading since March 2009 – when the economy [...]
A survey showed today consumer confidence remains at low levels with the GfK NOP December consumer confidence index unchanged at -21. While it was marginally better than the -22 expected by analysts, it is two points lower than this time last year. Meanwhile, the survey’s “climate for major purchases” index surged ahead by 10 points, [...]
National Statistician Jil Matheson is recommending a single headline measure of house prices be introduced. Ms Matheson, the Government’s chief adviser on official statistics, conducted a review into official housing data following concerns from people who monitor house prices from various indices. Currently, there are two official house price indexes, one published by the Land [...]
The latest house price index from the Nationwide Building Society has revealed a 0.3% fall for the month of November compared with October – the fourth time in five months that prices registered a fall. The latest fall means house prices are now just 0.4% higher than this time last year with the average UK [...]
The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas fell more than expected in September. According to the index, house prices were 0.8% lower compared with August. David Blitzer, chairman of S&P’s index committee, comments: “While some of the bad numbers may reflect the end of the government’s tax incentive for first-time homebuyers, there [...]
US consumer confidence surged ahead in November to a five-month high. The reading from the closely-monitored Consumer Confidence Index from the Conference Board rose for the second consecutive month to 54.1 in November – up from a revised 49.9 in October and beating expectations of a reading of 52.5. However, while the index rose, it [...]
The Munich-based Ifo think tank today announced confidence among German firms grew in November. The Business Climate Index rose to 109.3 in November, up from 107.7 the previous month – the strongest rise since German reunification in 1990. The closely-watched index also confounded expectations of a fall to 107.5. Meanwhile, commenting on the figures, the [...]
A report by the Recruitment and Employment Confederation (REC) and KPMG has raised further fears over the strength of the UK job market. The survey of 400 recruitment consultancies showed job appointments grew at their slowest rate in 14 months in October. The permanent staff placements index dipped to 52.6 in October from 54.6 the [...]
The latest report from the Recruitment and Employment Confederation (REC) and KPMG has suggested that the UK jobs market is continuing to weaken as Government spending cuts are having a major impact on employment. The permanent placement index dipped to 54.6 in September, down from 56.3 the previous month. Meanwhile, the temporary and contract staff [...]
The Chartered Institute of Purchasing and Supply(CIPS)/Markit construction PMI index showed activity improved last month, driven by the commercial sector and civil engineering. However, activity in the housebuilding sector dropped – bringing an end to a year-long period of expansion. The index edged higher to 53.8 in September, from 52.1 in August – surprising analysts, [...]
The Land Registry’s latest house price index shows the average cost of a home in England and Wales rising by 0.3% in August. Having seen the fifth consecutive monthly increase, the value of the average home stood at £167,423, although on an annual basis the typical house price gain fell slightly compared with July, to [...]
A survey by accountancy firm, BDO LLP, has revealed business confidence has slumped to a level not seen since the height of the financial crisis two years ago. The firm’s optimism index (which reflects how businesses expect trading to develop two quarters ahead), fell from 95.5 in July to 93.1 last month. According to BDO, [...]
The US Institute for Supply Management (ISM) has offset fears of a double dip recession in America by reporting a rise in its index of factory activity, to 56.3 in August, up from 55.5 in July. A reading in excess of 42%, over a period of time, generally indicates an expansion of the overall economy [...]
A report by Statistics Canada has today revealed the economy slowed, due to a slowdown in the housing market. The Statistics Canada leading economic indicator index (a monthly gauge of where the economy appears headed in the coming months) eased to 0.4% in July, following a rise of 0.7% in June. The slowdown in growth [...]
The Confederation of British Industry’s (CBI) monthly industrial trends survey has today provided a positive outlook for the manufacturing sector. The CBI’s order book balance rose to -14 this month from -16 in July. While this indicates that orders are still declining, it represented the slowest pace in two years. Meanwhile, the export order book [...]
The latest survey from the Nationwide Building Society has revealed a further fall in UK consumer confidence for the month of July. The building society’s consumer confidence index plunged from 63 in June to 56 last month – the lowest level since May 2009, due to the Government’s tough austerity measures. The Nationwide said the [...]
Cutbacks in the public sector will be impacting on UK jobseekers across all sectors between now and the end of the year, according to research from The Chartered Institute of Personnel and Development (CIPD). The professional body has warned that employers are expecting to make an average 5.5% headcount reduction in the remainder of 2010, [...]
The euro zone received a boost today after a report revealed business and consumer confidence surged to its highest level since March 2008. Confidence in the 16-member nation rose to 101.3 in July, up from a revised 99 in June, according to the European Commission’s economic sentiment index. However, the Commission highlighted that the rise [...]
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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