The latest experimental data on the UK economy and society, employing rapid response surveys and novel data sources, reveals dynamic trends in economic activity and social dynamics.
Key Insights:
- Online Job Adverts: In the latest week, online job adverts dropped by 5% (December 15, 2023) and exhibited a 15% decrease compared to the same period in 2022. “Domestic help” and “HR and recruitment” experienced the most significant year-on-year declines, both plummeting by 42%.
- Business Turnover: In November 2023, 3% more firms reported increased turnover compared to the previous month, showcasing an improvement from October 2023. This positive trend was noted across various sectors.
- Consumer Spending: Aggregate credit and debit card spending decreased by 1% in the latest week, accompanied by a 5% decrease in “work-related” spending. However, overall retail footfall increased to 106% of the previous week and 109% of the level seen in the equivalent week in 2022.
- Labor Shortages: 8% of trading businesses reported a shortage of workers in December 2023, with 43% of them unable to meet business demands due to this shortage.
- Energy Prices: The System Price of electricity and the System Average Price (SAP) of gas both decreased compared to the previous week, showing declines of 19% and 14%, respectively, and were significantly lower than the equivalent week in 2022.
- Transportation: In the week to December 17, 2023, daily UK flights and average daily ship visits increased by 6%, while the average number of cargo and tanker ship visits increased by 8%. Daily UK flights also rose by 13% compared to the same week in 2022.