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update on the economy

Between February to April 2016 and May to July 2016, the number of people in work increased, according to the Office for National Statistics. The number of unemployed people and the number of people not working and not seeking or available to work (economically inactive) fell.

There were 31.77 million people in work, 174,000 more than for February to April 2016 and 559,000 more than for a year earlier.

 

The price of goods bought and sold by UK manufacturers, as estimated by the Producer Price Index, rose in the year to August 2016. This is the second increase in a row following 2 years of falls.

Factory gate prices (output prices) for goods produced by UK manufacturers rose 0.8% in the year to August 2016, compared with a rise of 0.3% in the year to July 2016.

 

The Consumer Prices Index (CPI) rose by 0.6% in the year to August 2016, unchanged from July.

The rate is still relatively low in the historic context although it is above the rates experienced in 2015 and early 2016.

 

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