Key Statistics: 17 June 2014

Construction

• The Office for National Statistics have significantly revised upwards their estimate of construction output in the first quarter of 2014. Output is now estimated to have grown by 1.5% in the quarter, up from the previous estimate of 0.6%. New build housing, commercial and industrial work drove expansion in the industry. However the latest figures, covering the three months to April, suggest that expansion is undergoing a temporary stall; output dropped 0.1% compared to the previous three months. Construction output is estimated to be 5.2% higher than at this stage last year.

Economy

• The UK unemployment rate fell to 6.6% in the three months to April, down from 6.8% reported in last month’s release which covered the first quarter of the year. This is the lowest rate since the three months to January 2009.
• UK GDP has now surpassed its 2008 peak according to the National Institute of Economic and Social Research, due to growth of 0.9% during the three months to May 2014.