Latest Insights into UK Economy and Society: Real-Time Indicators – August 3, 2023

The UK’s economic pulse and societal trends come into sharper focus with the latest release of real-time indicators. These swift measures, generated through rapid response surveys and innovative data sources, shed light on the country’s evolving landscape.

Highlights at a Glance:

1. Business and Workforce Dynamics:

  • Small businesses saw a 4% surge in paid jobs in June 2023 compared to May 2023. Sales by these enterprises jumped 5% in June 2023, marking an 8% increase over June 2022.
  • Online job adverts dipped 3% on July 28, 2023, from the previous week, settling 10% below the level seen in the same period last year.
  • About 9% of active businesses faced the impact of industrial action in June 2023.

2. Consumer Behavior in Focus:

  • Revolut debit card spending increased by 9%, retail footfall hit 104% of the previous week’s level, and in-store transactions gained momentum at 6 out of 10 Pret A Manger store categories.

3. Energy and Housing Trends:

  • Gas prices rose by 5%, and electricity prices surged 18% compared to the previous week. However, both remained notably lower than the corresponding week in 2022.

4. Transport Patterns:

  • The average UK flight count remained steady in the week ending July 30, 2023, but showed a 9% boost from the same period in 2022.
  • London’s car traffic camera activity witnessed a 2% decrease during the week.