• Towards the end of 2005 there was a mixed global economic picture, with the US economy still strong, and signs of a gradual pick-up in Europe. However, both the Japanese and the UK economies appeared to have weakened.
• Growth in the UK was below trend in 2005, and there were signs of an easing in the strong consumer demand which had supported recent growth. Consumer expenditure, retail sales, and house price growth all slowed.
• The UK labour market remained strong, despite the wider economic slowdown. There were tentative signs of some easing, with the claimant count rising, but employment remained historically high.
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Economic & Labour Market Review (ELMR) – February 2009