Key Statistics: 23 Dec 2014

Construction

• 37,222 new homes were registered with the National House Building Council (NHBC) during the three months to November, an 8% rise on a year earlier. Private sector registrations increased by 19% from a year earlier to 29,812 during the three month period. By contrast public sector registrations fell back by 20% to 7,410.

Economy

• Average earnings, excluding bonuses, rose by 1.6% in the three months to October relative to a year earlier according to ONS estimates. This was slightly above the rate of CPI inflation in October of 1.3%. Inflation fell further to 1% in November, and therefore the current rate of wage growth, if sustained, would indicate a small and long overdue improvement in consumer’s finances over the last year.
• Retail sales grew at the fastest pace in 27 years as a result of ‘Black Friday’ offers, according to the December CBI distributive trades survey. However it is unclear whether the day of heavy discounting will boost Christmas sales overall or whether consumers have just brought forward spending to take advantage. Sales data post-Christmas will give a clearer indication of any boost to UK retailers’ fortunes.