UK Executive Report summary
July 2021
Period covered: Period covered: June 2021
Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.
GDP rose by 00% in May (latest available), the fourth consecutive month of growth, but this was considerably slower than March (00%) and April (00%). Economic activity remains 3.1% below pre-pandemic levels of February 2020.
GfK’s Consumer Confidence score increased by two points to -7 in July, edging above March 2020’s pre-lockdown level (-9).
The major purchases index returned to positive territory, rising by seven points to +2 in July, reflecting strong pent-up demand.
For the first time since the start of the pandemic, employment in some regions is now above pre-Covid (Feb 2020) levels, including the North East, North West, East Midlands and Northern Ireland.
In June, CPI inflation accelerated for the fourth consecutive month, rising by 2.5% YoY, from the 2.1% rise in the previous month – the highest rate since August 2018.
Retail sales rose by 00% YoY in June, according to the Retail Economics Retail Sales Index.
Warmer weather, staycations, and the excitement of the Euros, provided real incentives for shoppers to go out and spend. But, it was a month of two halves, with retail sales losing momentum in the final weeks of June amidst fears around rising Covid-19 cases.
The number of residential transactions in the UK reached the highest level on record in June (213,120), as buyers rushed to complete before the June 30 stamp duty holiday deadline.
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Source: Retail Economics
