House of Commons Library – Economic Indicators, Sep 2024

The September 2024 Economic Indicators report by the House of Commons Library highlights recent UK economic data, focusing on inflation, employment, and GDP growth. This report indicates a slight slowdown in economic growth following strong performance in early 2024, with GDP rising by 0.5% between May and July 2024. Key indicators show stable inflation, with the Consumer Price Index (CPI) remaining at 2.2% in August, while average wages increased by 5.1% over the past year. The Bank of England’s decision to hold interest rates at 5.0% aims to balance inflation control without overly impacting economic activity. Other areas covered include a minor increase in unemployment to 4.1% and a slight rise in the trade deficit, reflecting ongoing challenges for the UK economy as it adjusts to global pressures and domestic policy changes.