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Economic Indicators
UK
• GDP increased by 0.6% in Q4 2007, compared with 0.7% Q3.
• CPI annual inflation was 2.1% in December 2007, unchanged from November. RPI inflation fell to 4% in December, down from 4.3% in November.
• In December 2007, output price annual inflation for all manufactured products rose to 5%. Input price annual inflation rose from 10.9% in November to 11.3% in December.
• Manufacturing output decreased by 0.2% in the three months to November 2007 compared with the three months to August 2007.
• Services output rose by 0.6% in the three months to November 2007 compared with the three months to August.
• Employment rate for people of working age was 74.7% for the three months ending in November 2007, The number of people in employment for the three months ending in November 2007 was 29.36 million. This is up 175,000 over the quarter and up 263,000 over the year. The unemployment rate was 5.3%, down 0.1% both over the previous quarter and over the year. The number of unemployed people decreased by 13,000 over the quarter and by 29,000 over the year to reach 1.65 million.
• Average earnings including bonuses rose by 4% in the year to November 2007, unchanged from October. Average earnings excluding bonuses, rose by 3.6% in the year to November 2007, unchanged from October. In the year to November 2007 pay growth (including bonuses) in the private sector was 4.2%, compared with 3.3% for the public sector. Excluding bonus payments, private sector growth stood at 3.6% compared with 3.5% for the public sector.
• In the year to November 2007 consumer prices increased by 2.1%.
• The retail sales volume in the three months October to December 2007 increased by 0.4% compared with the previous three months.
• During September to November 2007, the number of visits overseas by UK residents remained broadly the same at 17.2 million when compared with the previous three months, while the associated spending decreased by 1% to £8.7 billion. Over the same period, number of visits to the UK by overseas residents, increased by 5% to 8.2 million when compared with the previous three months. Spending by overseas residents on visits to the UK remained broadly the same at £4 billion.
• During the 12 months to November 2007 visits by overseas residents to the UK rose by 1%, from 32.4 million to 32.9 million. In the same 12 month period, visits abroad by UK residents increased by 2%, from 69 million to 70.2 million.
• In December 2007, the public sector showed a deficit on the current budget of £5.1 billion, compared with a deficit of $4 billion in December 2006.
• The UK's deficit on trade in goods and services was £4.4 billion in November 2007, compared with a revised deficit of £4.3 billion in October (previously published at £4.1 billion). The deficit with the enlarged
EU was £2.9 billion, virtually the same as in October and the deficit with non-EU countries as £4.4 billion compared with a deficit of £4.5 billion in October.
For previously released UK economic indicators visit National Statistics http://www.statistics.gov.uk/
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LONDON
• In the most recent 28-day period, (From 11 November to 8 December 2007) London's Underground and buses had 267.3 million passenger journeys; 176.8 million by bus and 90.5 million by underground.
• The moving average annual rate of growth in passenger journeys increased to 6.9% from 6.6% in the previous period.
• The rate of claimant count unemployment in London was 2.6% in December 2007. There were 131,100 unemployment claimants in London in December 2007, compared with 160,700 in December 2006.
• London's annual growth in output Increased to 4.2% in Q2 2007, from 4% in Q1.
• London's annual employment growth decreased to 0.5% in Q2 2007 from an upwardly revised 1.2% in Q1 2007.
• Annual house price inflation in London fell substantially to 4.4% in Q4 2007 from 18.5% in Q3.
• 9.6 million passengers travelled through London’s airports in December 2007. The number of passengers using London’s airports increased by 1.4 % from December 2006 to December 2007.
• The SPSL Retail Traffic Index of shoppers in London was 94.9 in the second week of January 2008 compared to 100.8 in the previous week.
• The Purchasing Managers’ Index (PMI) of business activity recorded 53.3 in December 2007 compared to 52.2 in November.
• The PMI for new orders for London firms recorded 53 in December 2007 compared to 51.6 for November.
• The net balance of businesses in services in London expecting to increase their profitability over the next 12 months was 55% in Q4 2007. Q4 2007.
US
• Real gross domestic product (GDP) grew at an annual rate of 0.6% in Q4 2007. This follows a growth rate of 4.9% in Q3. Real GDP grew 2.2% for the full year 2007, compared with 2.9% in 2006.
• Personal income increased $55.1 billion, or 0.5%, and disposable personalincome (DPI) increased $47.5 billion, or 0.5% in December 2007, according to the Bureau of Economic Analysis.
• The US international trade deficit in goods and services in November 2007 was $63.1 billion, up from $57.8 billion in October.
For previously released US economic indicators visit US Bureau of Economic Analysis (BEA) http://www.bea.gov/index.htm
NY
• Private employment fell by 1,300 jobs in November 2007, after an increase of 3,700 jobs in October. (Source: New York State Dept. of Labour)
• The unemployment rate fell to 5.1% in November 2007, from 5.3% in October. (Source: New York State Dept. of Labour)
• The NYC hotel occupancy rate in November 2007 was 89.1%, down from 89.6% in November 2006. (Source: New York State Dept. of Labour)
• The Direct Class A office vacancy rate was 4.4% in December 2007, while the average asking rent was $80 per SF. (Source: New York State Dept. of Labour)
• Passengers in NYC’s airports totaled 8.9 million in October 2007, up 4.4 % from October 2006. (Source: New York State Dept. of Labour)
• In December 2007, Downtown Class A direct office vacancy rates fell to 3.9% while average rental rates remained at $56 PSF (Source: Cushman & Wakefield)
• From November to December 2007 total Manhattan sublease vacancy rates remained at 1.1%. (Source: Cushman & Wakefield)
• From November to December 2007, total Manhattan sublease average rents increased $2 PSF to $70 PSF, due to a $2 PSF increase in Midtown areas. (Source: Cushman & Wakefield)
• In October 2007, 8.9 million passengers flew into and out of the region's airports, a 4.4 % increase from October 2006 passenger levels. (Source: Port Authority of New York and New Jersey)
• In November 2007, the average daily hotel room rate was $378, a 13% increase from November 2006. (Source: PKF Consulting)
• Hotel occupancy was 89.1% in November 2007, down from 89.6% in November 2006. (Source: PKF Consulting)
• Broadway attendance during the four weeks ending December 30, 2007 was approximately 1.1 million, a 3% decrease from the same period last year. Broadway revenue during this period was roughly $88 million, a 3% decrease from last year. (Source: The League of American Theatres and Producers)
• Total ridership on MTA subways, trains and buses in October 2007 was roughly 230 million, an increase of 6.3 % from October 2006. In October 2007, subway ridership was roughly 143 million, an increase of 7.5% from October 2006. (Source: Metropolitan Transportation Authority)
• For the four months ending November 2007: There were 2,094 building projects (including new, additions and alterations) that started construction in NYC, a 27% decrease from the four months ending November 2006. There were 63 infrastructure (non-building) projects, a decrease of 41 % from last year. (Source: Dodge Analytics)
• Planned space for building project starts is approximately 8.8 million square feet, a 57% decrease from the same period in 2006. (Source: Dodge Analytics)
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