The latest release of experimental data and analysis on economic activity and social change in the UK reveals key insights into various sectors. These real-time indicators, generated through rapid response surveys, novel data sources, and experimental methods, provide valuable information on the current state of the UK economy. Here are the main points from the latest release:
Business and Workforce:
- In July 2023, falling demand for goods and services emerged as the top concern for 15% of businesses, surpassing energy prices for the first time this year (initial results from Wave 85 of the Business Insights and Conditions Survey).
- The total number of online job adverts on 16 June 2023 was 4% lower than the equivalent period in 2022, but it increased by 2% compared to the previous week (Adzuna).
Energy and Housing:
- The System Average Price (SAP) of gas and the System Price of electricity rose by 29% and 25% respectively in the week to 18 June 2023, compared to the previous week. However, both prices remain over 30% lower than the levels seen in the equivalent week of 2022 (National Gas Transmission, Elexon).
Consumer Behavior:
- Consumer behavior indicators showed a mixed picture in the latest week. Overall retail footfall reached 103% of the previous week’s level, while Revolut debit card spending decreased by 1 percentage point. The estimated demand for fuel per transaction remained relatively stable (Springboard, Revolut, Automotive fuel spending).
Transport:
- In the week ending 18 June 2023, the average number of UK flights remained unchanged compared to the previous week but was 5% higher than the same period last year. This continues the trend of consistently higher average flight numbers in 2023 compared to 2022 (EUROCONTROL).
These experimental results are subject to revision, as data sources and methods are regularly reviewed for accuracy and relevance. The indicators offer valuable insights into the dynamic nature of the UK economy, allowing policymakers and businesses to make informed decisions.