SWO Economy News http://economy.swo.org.uk/swo-economy-news.rss GDP contracted by 0.2 per cent in the fourth quarter of 2011, driven by weakness in the production sector. Growth in the construction sector was slightly negative and was flat in the service sector, so these two sectors made no contribution to GDP growth in the fourth quarter. Comparing GDP to the same quarter in 2010, output expanded by 0.8 percentage points. And in 2011 as a whole, GDP grew by 0.9 per cent compared to 2.1 per cent during 2010. So the economy has showed subdued growth during 2011. Despite the contraction in output in the fourth quarter, employment rose by 26,000 in the three months to November, compared to a year ago. However, this is a relatively modest increase in employment, and with the economically active population continuing to rise, the unemployment level and rate has risen quite sharply in the three months to November. After remaining steady in the 7.7-8.0 per cent range throughout the two years between mid-2009 to mid-2011, the unemployment rate has since moved up to 8.4 per cent in the three months to November. This resulted from an increase of 118,000 in the number of unemployed people between the two latest three month periods to a level of 2.68 million. As a result of the weakness in employment, which during much of 2011 was weaker than the level of economic activity, productivity in the whole economy has started to recover some of the ground lost during the recession. Measured in terms of output per worker, whole economy productivity has risen in the third quarter of 2011, to reach a level 0.9 per cent higher than a year earlier, while output per hour was 1.3 per cent higher. http://economy.swo.org.uk/news/all-news/?entryid9=51193 Wed, 25 Jan 2012 10:40:42 GMT 20120125104042 Wed, 25 Jan 2012 10:40:42 GMT 20120125104042 Wed, 25 Jan 2012 11:06:43 GMT 2012012511110643 SWO has today responded to the current ONS consultation on measuring national wellbeing. This consultation by the ONS is looking at proposed domains and measures for measuring national wellbeing. Click on the icon below to read SWO's response. http://economy.swo.org.uk/news/all-news/?entryid9=51179 Mon, 23 Jan 2012 11:29:07 GMT 20120123112907 Mon, 23 Jan 2012 11:29:07 GMT 20120123112907 Mon, 23 Jan 2012 11:37:07 GMT 2012012311113707 According to today's ONS Index of Production (November 2011), the seasonally adjusted Index of Production fell by 3.1 per cent in November 2011 compared with November 2010. The seasonally adjusted Index of Manufacturing fell by 0.6 per cent in November 2011 compared with November 2010. The seasonally adjusted Index of Production fell by 0.6 per cent between October 2011 and November 2011. The seasonally adjusted Index of Manufacturing fell by 0.2 per cent between October 2011 and November 2011. http://economy.swo.org.uk/news/all-news/?entryid9=51076 Thu, 12 Jan 2012 12:51:05 GMT 20120112125105 Thu, 12 Jan 2012 12:51:05 GMT 20120112125105 Thu, 12 Jan 2012 13:51:33 GMT 201201121315133 Watch this short video from the ONS covering the labour market estimates for July to September 2011. This shows the quarterly changes in employment, unemployment and inactivity as well as the monthly change in the claimant count. It then focuses on changes in public and private sector employment and how much public sector employment has fallen since its peak in 2009. Finally it shows average earnings growth comparing the whole economy and the public and private sectors back to 2001. For all ONS podcasts follow the link below. http://economy.swo.org.uk/news/all-news/?entryid9=50831 Wed, 14 Dec 2011 09:52:18 GMT 20111214095218 Wed, 14 Dec 2011 09:52:18 GMT 20111214095218 Wed, 14 Dec 2011 10:19:59 GMT 2011121410101959 The Skills and Learning Module (SLIM) has recently made available via its website Local Enterprise Partnerships (LEP) summaries for the South West. This webpage also contains local Employment and Skills Boards (ESBs) information for the South West. To access the series of individually tailored LEP and ESB reports click on the link below. http://economy.swo.org.uk/news/all-news/?entryid9=50826 Tue, 13 Dec 2011 14:18:09 GMT 20111213141809 Tue, 13 Dec 2011 14:18:09 GMT 20111213141809 Tue, 13 Dec 2011 14:28:24 GMT 201112131422824 From the DCLG website - Click on the link to access to the full article and related resources. The latest UK house price index statistics produced by the Department for Communities and Local Government were released on Tuesday 13 December 2011. The latest statistics release includes data based on mortgage completions during the month of October 2011. The key points from the release are: > In October UK house prices decreased by 0.4 per cent over the year and increased by 0.6 per cent over the month (seasonally adjusted). > The average mix-adjusted UK house price was £205,974 (not seasonally adjusted). > Average house prices increased by 0.6 per cent over the quarter to October, compared to a decrease of 0.6 per cent over the quarter to July (seasonally adjusted). > Average prices decreased during the year in all UK countries; England (-0.2 per cent), Wales (-0.5 per cent), Scotland (-1.5 per cent) and Northern Ireland (-12.1 per cent). > Prices paid by first time buyers were 0.4 per cent higher on average than a year earlier whilst prices paid by former owner occupiers decreased by 0.7 per cent. > Prices for new properties were 12.1 per cent higher on average than a year earlier whilst prices for pre-owned dwellings decreased by 1.2 per cent. Tables and historic data can be downloaded via the link below. http://economy.swo.org.uk/news/all-news/?entryid9=50823 Tue, 13 Dec 2011 11:43:09 GMT 20111213114309 Tue, 13 Dec 2011 11:43:09 GMT 20111213114309 Wed, 14 Dec 2011 10:55:59 GMT 2011121410105559 The Monthly HCA Housing Market Bulletin provides the latest information on the housing market, the economy and the housebuilding industry. The information is drawn from several different sources. It includes: > House price changes from the top house price indices including Nationwide, Halifax, the Land Registry and Royal Institute of Chartered Surveyors (RICS) > Housing market forecasts > Housing starts and completions as reported by the Department for Communities and Local Government and updates on key house builders > Mortgage trends and overall economy information http://economy.swo.org.uk/news/all-news/?entryid9=50780 Fri, 09 Dec 2011 15:34:49 GMT 20111209153449 Fri, 09 Dec 2011 15:34:49 GMT 20111209153449 Fri, 09 Dec 2011 15:39:53 GMT 201112091533953 Call for Papers The South West England and Wales Branches of the Regional Studies Association are pleased to announce their joint conference. This new initiative is designed to facilitate and stimulate dialogue between policy makers and academics in an attempt to identify ways to enhance and improve understanding of the workings of our economies and to make the regions better places to live. The Branches are interdisciplinary and welcome contributions from geographers, planners and economists from government, academics, and independent bodies as well as other interested parties. The RSA invites submissions of abstracts. Although some conference themes are listed below, quality papers in all policy related areas that are relevant to our economies (very broadly defined) are welcome. · Affordable housing · Growth and agglomeration · Impacts of creative industries · Energy and low carbon futures · Access to markets and services · Innovation and competitiveness · Spatial productivity disparities · Low wages and high prices · Sustainable communities · Education geographies Abstracts of approximately 250 words should be submitted by e-mail to the Chair of the South West Branch at the address below as soon as possible and by March 12 2012 at the very latest. Authors will be notified of the committee's decision at the end March 2012. For any further information regarding the conference, please contact the SW Branch Chair: Professor Don Webber, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol, BS16 1QY. E-mail: Don.Webber@uwe.ac.uk. Tel: 0117 32 83416. http://economy.swo.org.uk/news/all-news/?entryid9=50747 Tue, 06 Dec 2011 10:57:54 GMT 20111206105754 Tue, 06 Dec 2011 10:57:54 GMT 20111206105754 Tue, 06 Dec 2011 11:22:43 GMT 2011120611112243