The UK’s economic and social landscape continues to evolve, driven by real-time indicators that offer insights into the current state of the economy. These experimental data sources use rapid response surveys, novel data collection methods, and experimental techniques to provide a faster understanding of economic trends and societal changes. Here are the latest highlights from various sectors:
Business and Workforce
- Small Business Performance: In June 2023, sales by small businesses increased by 5% compared to May 2023 and were 8% higher than June 2022. Moreover, jobs in small businesses rose by 4% in June 2023 compared to the previous month and were 1% higher than the same period last year. Accommodation and food services witnessed the most significant job growth, rising by 20% compared to May 2023, although still 2% lower than in June 2022 and 28% lower than in June 2019. (Source: Xero)
- Online Job Adverts: The total number of online job adverts decreased by 3% on July 28, 2023, compared to the previous week. Notably, 22 of the 28 online job categories were below their level a year ago, with the “IT, computing, and software” category experiencing a significant 45% decrease compared to the same period in 2022. (Source: Adzuna)
- Business Impact and Insights: Almost 1 in 10 businesses (9%) that had not permanently stopped trading were impacted by industrial action in June 2023. (Source: Business Insights and Conditions Survey)
Consumer Behaviour
- Debit Card Spending: Revolut debit card spending surged by 9 percentage points in the week to July 30, 2023, compared to the previous week. Spending across all six sector categories increased during this period, with “retail” experiencing the largest growth of 16 percentage points. Overall Revolut debit card spending was 20% higher than the equivalent period in 2022, with significant increases seen in “retail” and “entertainment” spending, rising by 28 percentage points. (Source: Revolut)
- Retail Footfall: In the week to July 30, 2023, overall retail footfall increased to 104% of the level of the previous week and reached 101% of the equivalent week in 2022. The rise in footfall was observed in shopping centres, high streets, and retail parks. However, overall footfall remains at 89% of the level seen in the equivalent week of 2019. (Source: Springboard)
Energy and Housing
- Gas and Electricity Prices: The System Average Price (SAP) of gas increased by 5% in the week to July 30, 2023, after a series of decreases in previous weeks. The SAP of gas is currently 76% below the level seen in the equivalent week of 2022. Similarly, the System Price of electricity rose by 18% during the same week but remains 68% lower than the level seen in the equivalent week of 2022. (Sources: National Gas Transmission, Elexon)
Transport
- Traffic Camera Activity: In the week to July 30, 2023, traffic camera activity for cars in London was at 98% of the level of the previous week but higher than the pre-coronavirus (COVID-19) level by 9%. Pedestrian and cyclist activity in London remained unchanged compared to the previous week and was 120% of the pre-COVID-19 level. (Source: Transport for London)
- UK Flights: The average number of UK flights during the same week was 6,102, roughly unchanged from the previous week and 9% higher than the equivalent period in 2022. However, it remains 7% lower than the equivalent week in 2019. (Source: EUROCONTROL)
The data presented in this bulletin are experimental and may be subject to revision as data sources are regularly reviewed for accuracy and relevance. Policy-makers and analysts are closely monitoring these real-time indicators to make informed decisions and steer the UK’s economic and social development amid changing conditions.