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UK Executive Report summary

June 2022

Period covered: Period covered: May 2022

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

  • UK GDP fell by 00% MoM in April, missing expectations of 0.1% growth. The figures underscore a deteriorating outlook for the UK economy, with all three main sectors contracting together for the first time since lockdown in January last year.

Confidence

  • GfK’s Consumer Confidence barometer sank to a new record low in June, dropping 00 point to -00.

Inflation

  • The headline inflation rate edged higher in May to 00% YoY, remaining at a 40-year high - in line with economists’ forecasts.

Labour Market

  • The latest unemployment estimates show a 0.2 percentage point drop on the previous quarter to 00% in the three months to April. Regular pay growth (exc. Bonuses) rose 00% over the same period but fell 00% in real terms (adjusted for inflation).

Retail sales

  • Retail sales increased 00% YoY in May against a 00% rise a year earlier, according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted). However, most of the growth in retail sales reflects rising prices rather than increased volumes.

Credit and housing market

  • Mortgage approvals ticked up in May as borrowers looked to lock in lower rates ahead of any further interest rate rises. Mortgage approvals rose to 00, from 66,054 previously.

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Inflation rate and average earnings by household group

Source: Retail Economics Cost of Living Tracker

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