Bank of England Agents issue December’s economic summary

The Bank of England Agents’ Summary for December 2012 has now been published.  The key headlines were:

  • Subdued demand and intense competition, which restricted prices, ensured that business services growth remained modest
  • Annual manufacturing output remained marginally negative, although production for export outperformed the domestic markets
  • Construction output continued to decline through 2012
  • Positive investment intentions can be seen within the manufacturing and service sectors
  • Manufacturing and service sectors are operating below normal levels of capacity utilisation
  • Labour costs per employee increased in both manufacturing and service sectors
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