The latest data and analysis on economic activity and social change in the United Kingdom have been released, providing valuable insights into the current trends. These real-time indicators, derived from rapid response surveys, innovative data sources, and experimental methods, offer a comprehensive view of the nation’s economic landscape.
Consumer behavior indicators have shown a significant increase in activity during the latest week. The aggregate CHAPS-based indicator of credit and debit card purchases, based on Bank of England CHAPS data, rose by 2 points. Additionally, footfall in retail locations increased to 104% of the previous week’s level, according to data from Springboard. However, average fuel prices continued to decline, reaching a level 64 percentage points below the peak recorded in July 2022, as reported by Visa.
In the energy and housing sector, the System Average Price (SAP) of gas experienced a seventh consecutive week of decline. The price fell by 10% in the week ending 28 May 2023, reaching a level 48% lower than the same period in 2022 and 87% below the peak observed in late August 2022. These figures, provided by the National Gas Transmission, indicate a positive trend for gas prices.
Regarding business and workforce indicators, the total number of online job adverts increased by 2% compared to the previous week, with all UK countries and English regions experiencing growth. However, when compared to the same period in 2022, the total number of online job adverts remained 15% lower. The “legal” category saw the largest week-on-week increase of 17%, followed by a 9% rise in the “travel and tourism” category. Adzuna, the source of this data, suggests a cautious recovery in the job market.
In the transport sector, the average number of daily flights in the UK rose by 4% in the week ending 28 May 2023, surpassing the level recorded in the equivalent week of 2022 by 5%. These figures, provided by EUROCONTROL, indicate a positive trajectory for air travel in the country.
It is important to note that the results presented in this bulletin are experimental and subject to revision. The data sources used for these indicators are regularly reviewed to ensure their representativeness and relevance, which may lead to changes in the indicators at short notice.
For more detailed information and historical data, please refer to the official release. The next update is scheduled for 8 June 2023.