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The article offers information on Great Britain's Quarterly National Accounts Blue Book 2011 (BB11) and Pink Book 2011 (PB11) for publication on October 5, 2011 and electronic publication on November 1, 2011. It details the contents such as changes from previous years in line with the Office for National Statistics policy. It confirms the initial plans for content of BB11, deemed a major achievement in building future improvements, set out in the April 2010 "Economic and Labour Market Review."

The article presents statistical tables on Great Britain's key time series data as of March 16, 2011 including national accounts aggregates, gross domestic product by category of expenditure, and labour market summary.

The article looks at Okun's Law and its role in assessing British economic statistics. The law, named after its creator Arthur Okun, uses 2 empirical links between output and unemployment, where quarterly changes in the jobless rate are linked to quarterly increase in actual gross domestic product (GDP) and deviations in the jobless rate are linked to deviations in GDP from its potential. Okun's Law also emphasizes that jobless rates can summarize the labour used in an economy.

The article assesses the economic development and progress in Great Britain. The British Office for National Statistics stated that British gross domestic product (GDP) declined by 0.5 percent in the last quarter of 2010 due to extreme weather conditions before Christmas. The British government net debt grew to 154.9 percent of GDP because of adding the liabilities of Royal Bank of Scotland and Lloyds Banking Group.

This quarter, the Regional Economic Indicators article focuses on explaining the differences in sub--regional economic growth rates (Gross Value Added (GVA)) between 1995 and 2007 by using the shift--share method. The technique is based on the assumption that local economic growth is explained by the combined effect of three components: national growth, industry mix or structural effect, and local competitiveness. Thus, one can apply shift--share to determine how much each component contributes to local economic growth. The regular part of the article then gives an overview of the economic activity of UK regions in terms of their GVA, GVA per head and labour productivity. This is followed by a presentation of headline indicators of regional welfare, other drivers of regional productivity and regional labour market statistics. The indicators cover the nine Government Office Regions of England and the devolved administrations of Northern Ireland, Scotland and Wales. These 12 areas comprise level 1 of the European Nomenclature of Units for Territorial Statistics (NUTS level 1) for the UK. The term 'region' is used to describe this level of geography for convenience in the rest of this article. [ABSTRACT FROM AUTHOR]

This month's Economic Review article looks at three aspects of the UK economy as described by the latest official statistics. First, preliminary estimates of Gross Domestic Product show that the economy expanded by 0.8 per cent in the third quarter of the year. Growth was broad--based across the main sectors of the economy, with construction output recording a particularly strong increase for the second quarter in a row. Second, total employment increased by 178,000 in the three months June--August 2010. Most of the increase was accounted for by male employment and by part--time employment. Employment rates for the under 25 age group though remain low, having fallen significantly during the recession. Total hours worked increased in this same three--month period, but most of the increase was attributed to an increase in average hours worked rather than employment. Ahead of the Spending Review there was a decline in vacancies, with the largest falls in the predominantly public services industries. However, redundancies remained at normal rates. Third and finally, some financial statistics relating to UK households and corporations are analysed. The housing market weakened in the third quarter as average prices fell and numbers of mortgage approvals remained at low levels. Households and firms have continued to pay--down debts. Households have continued to show little appetite for relatively expensive consumer credit, and private non--financial corporations have continued to build cash surpluses as a result of low investment intentions and the uncertain economic outlook. [ABSTRACT FROM AUTHOR]

There is a clear requirement in the UK, and internationally, to measure the progress towards a 'green' economy, and within this to understand the contribution of the environmental goods and services sector to the economy and the potential for growth. As stated in the UK Environmental Accounts Strategy published in June 2010, ONS is conducting a study to assess the feasibility of measuring this sector in line with the definitional framework proposed by Eurostat. This article presents the framework and outlines a number of interesting statistical challenges to be examined as part of the study, the results of which will be published in summer 2011. [ABSTRACT FROM AUTHOR]

The second estimate of Gross Domestic Product (GDP) for 2010 Q3 reports that the UK economy expanded by 0.8 per cent. This is unrevised from the Preliminary GDP estimate published last month. Output growth has slowed from 1.2 per cent in the second quarter, when a number of industries rebounded strongly from a weak first quarter of the year, especially the construction industry. First estimates for the demand--side of the economy show that the slowdown in GDP growth was concentrated in domestic spending, as the pace of growth in household consumption, fixed investment and general government consumption all slowed. It also appears that the contribution of stockbuilding to growth peaked in the summer. However, net trade contributed positively to growth for the first time for over a year. In the labour market, unemployment fell in the latest quarter but the proportion unemployed for over 12 months continues to rise. Average weekly earnings growth remains muted, but has picked up from the lows of last year. Rates of producer prices inflation and services producer prices inflation have increased in 2010 reflecting an increase in commodity prices, depreciation of sterling, and the stronger cyclical position of the UK economy. [ABSTRACT FROM AUTHOR]

The report by the Commission on the Measurement of Economic Performance and Social Progress, led by Professors Stiglitz, Sen and Fitoussi, is widely seen as setting the agenda for measuring societal wellbeing, going beyond the established headline measure of economic performance, Gross Domestic Product (GDP). In the 2010 Budget Report, it was noted (Box 1.2, page 10) that 'there is widespread acknowledgement that GDP is not the ideal measure of wellbeing'. The Budget Report continues 'the Government is committed to developing broader indicators of wellbeing and sustainability with work currently under way to review how the Stiglitz, Sen and Fitoussi report should affect the sustainability and wellbeing indicators collected by Defra (Department for Environment, Food and Rural Affairs), and with the Office for National Statistics (ONS) and the Cabinet Office leading work on taking forward the report's agenda across the UK.' This article identifies relevant Government Statistical Service outputs and initiatives that support this broader societal wellbeing agenda. It follows the structure of the Stiglitz, Sen and Fitoussi report, addressing classical GDP issues, quality of life and sustainable development and the environment. All three are interconnected and together provide the fullest picture of wellbeing. Measuring how these change over time gives the fullest picture of progress. The article concludes with an outline of next steps. [ABSTRACT FROM AUTHOR]

This article presents analysis of Regional Gross Disposable Household Income (GDHI) at current basic prices, published in March 2010 by the Office for National Statistics (ONS). These data are published using the European Union Nomenclature of Units for Territorial Statistics (NUTS) regions. Data are published for the NUTS1, NUTS2 and NUTS3 levels for the period 1995 to 2008. All values are at current prices which means that the effects of price inflation and regional price levels are not removed. UK values referred to within this article exclude Extra-Regio, defined as parts of the UK economic territory whose income cannot be assigned to any particular region. An Annex to this article provides further information on definitions and methodology relating to GDHI. [ABSTRACT FROM AUTHOR]

Hours of work are recognised by the Office for National Statistics (ONS) and the International Labour Organisation (ILO) as key indicators of the labour market. The difference between actual and usual hours worked may result from firms using overtime to meet increasing demand or reducing hours to control costs, and as such, could be considered an indicator of labour market flexibility. The Monetary Policy Committee at the Bank of England pay close attention to the number of hours worked when considering monetary policy decisions as these may be more closely related to changes in demand and output than the level of employment. This is because firms might want to retain staff during periods of lower output growth, or conversely delay recruitment until the need for it is clearly established through a sustained increase in demand. This article describes the different measures of hours data in the UK and investigates how they may be used to analyse the UK labour market. [ABSTRACT FROM AUTHOR]

This article looks at the pattern of worklessness, that is unemployment and inactivity, in the latest recession. Compared to previous recessions, the rise in unemployment has been small relative to the fall in Gross Domestic Product. Likewise, numbers receiving workless benefits other than for unemployment are not rising, in contrast to the two previous economic downturns. This suggests that labour market policies introduced since 1996 have, so far, been effective. However, the ability for new policies to withstand a rise in long-term unemployed is yet to be tested. [ABSTRACT FROM AUTHOR]

After some 15 years of near continuous job growth, the employment rate in the UK in 2008 stood at around 75 per cent of the working age population, a level which was broadly in line with previous employment peaks observed in 1989, 1978 or 1968. In 2005, the (ILO-based) unemployment rate fell below 5 per cent for the first time since the 1970s. Since then, the UK has experienced the worst recession since World War 2 in terms of output lost and the full effects of this on the labour market may not have yet been felt. However the impact on the labour market so far has been rather surprising given the patterns observed both in previous recessions and the contemporaneous experience of other industrialised countries. This article aims to chart the performance of the labour market through the recession and to explain the surprising patterns that have emerged. It also tries to assess the prospects for the next few years. [ABSTRACT FROM AUTHOR]

This article examines the impact of the recent recession on households in the UK. The first half of the article uses the Labour Force Survey to assess the effect of the downturn on labour market participation, specifically the proportions of working, workless and mixed households below state pension age. Comparisons between different groups of the population are also drawn, including by: household type, housing tenure, region, age, number of dependent children and age of the youngest dependent child. The second part of the article focuses on changes to the level of household income using the Living Costs and Food Survey. Analysis is presented at different stages of income (original income, gross income, disposable income and post-tax income), and also by household characteristics including: economic position (working, workless or mixed), region, age and composition. [ABSTRACT FROM AUTHOR]

New National Accounts data consistent with Blue Book 2010 shows that the total peak to trough fall in GDP during the latest recession was 6.4 per cent, compared to the previous estimate of 6.2 per cent. Preliminary estimates report that GDP growth was 1.1 per cent in the second quarter of the year, with the strong pickup in growth being driven by the business services and finance and construction sectors -- which both contributed 0.4 percentage points to the overall growth rate. New data on non-financial balance sheets shows that net worth in the UK fell during the recession, predominately reflecting lower asset prices (such as for equities and residential properties). New Workforce Jobs estimates show that over 1 million jobs were lost in the recent recession, and a more detailed breakdown by industry, especially in the services sector, is provided. Finally, CPI inflation continues to exceed 3.0 per cent, but around 1.7 percentage points is accounted for by the January rise in the rate of VAT. [ABSTRACT FROM AUTHOR]

This article looks at how taxes and benefits affect the income of households in the UK. It provides estimates of household incomes, including the average amount of taxes that households paid, and also the value of benefits that they received in 2008/09, a period when the UK economy was in recession. The analysis highlights that the level of inequality, as measured by the Gini coefficient, fell slightly between 2007/08 and 2008/09 for retired households, but for non-retired households it was almost unchanged. This analysis is published annually and has been undertaken each year for over 30 years. Appendix 1 (additional tables) and Appendix 2 (Methodology and Definitions) are available on the web version of this article at: www.statistics.gov.uk/cci/article.asp?ID=2440 Additional ONS analysis of the effect of the recession on households' incomes will be published in August 2010, as part of a wider investigation of the recession. [ABSTRACT FROM AUTHOR]

GDP growth slowed in the first quarter of 2010 to 0.3 per cent, marginally lower than growth of 0.4 per cent in the preceding quarter. The slowdown in growth was particularly marked in the services sector. Two specific factors appear to have had some effect in slowing growth in the latest quarter. First, bad weather during January caused disruption to many UK economic activities, especially in the distribution and hotels and catering sector, but also in retail sales and exports of goods. Second, the reversion of VAT to its higher rate in January may have encouraged some household expenditure to be brought forward to December. Household consumption was flat over the quarter, but stockholding and fixed investment contributed positively to growth. Despite significant sterling depreciation, net trade continues to weigh on GDP growth. Average weekly earnings picked up a little in March but remain at subdued rates, especially in the private sector. Annual consumer prices inflation was 3.7 per cent in April reflecting the reversion of VAT to its higher rate and also the transport component of the index which includes motor fuels, second cars, railway transport and air transport. [ABSTRACT FROM AUTHOR]

This quarter, the Regional Economic Indicators article focuses on Gross Disposable Household Income (GDHI) which is a key measure of economic welfare and of the prosperity of residents living in a region. This article analyses the dispersion in GDHI per head between UK regions and sub-regions between 1995 and 2008. The regular part of the article then gives an overview of the economic activity of UK regions in terms of their Gross Value Added (GVA), GVA per head and labour productivity. This is followed by a presentation of headline indicators of regional welfare, other drivers of regional productivity and regional labour market statistics. The indicators cover the nine Government Office Regions of England and the devolved administrations of Northern Ireland, Scotland and Wales. These 12 areas comprise level 1 of the European Nomenclature of Units for Territorial Statistics (NUTS level 1) for the UK. The term 'region' is used to describe this level of geography for convenience in this article. [ABSTRACT FROM AUTHOR]

Charts are presented that show the economic indicators of Great Britain as of April 2010 including gross domestic product (GDP), labor market, and consumer price index.

The Preliminary estimate of Gross Domestic Product (GDP) reports that the UK economy grew by 0.2 per cent in 2010 Q1 -- slightly weaker than the previous quarter when GDP expanded by 0.4 per cent. Previous work looking at the coherence of ONS and Purchasing Managers' Index (PMI) data is updated, which shows that PMI is suggesting a stronger recovery in activity than official data. Although unemployment increased to 8.0 per cent in December--February 2010, the labour market has not weakened to the same extent as in the previous two recessions. Annual inflation in the Consumer Prices Index (CPI) picked up to 3.4 per cent in March, of which one-and-three-quarters percentage points is estimated to be accounted for by the reversion in the rate of VAT to 17.5 per cent in January 2010. [ABSTRACT FROM AUTHOR]

This article examines recent divergence between output and employment in the UK construction industry. It looks at the construction labour market and highlights how its flexibility (in relation to other industries) may have contributed to the observed divergence. It also looks at structural changes in the UK economy that may have contributed to the observed divergence between employment and output. Notably, it considers the measurement of migrant workers in the construction sector and the growth in the number of small businesses. The article concludes that, although construction statistics are well developed, the construction industry's unique characteristics still present significant challenges in the measurement methodology of output and employment. [ABSTRACT FROM AUTHOR]

Revised estimates of GDP report that the UK economy grew by 0.3 per cent in the final quarter of 2009. In the services sector, growth was driven by the motor trades, wholesale distribution and other business activities industries. In the production sector, positive growth contributions came from the engineering and allied industries. In terms of the expenditure measure of GDP the main positive impact was in inventories as the rate of de-stocking declined. Household consumption and government spending also grew during quarter four, but gross fixed capital formation and net trade weighed on GDP growth. Retail sales fell due to a large fall in the purchase of automotive fuels in January, partly due to the impact of bad weather on the amount of travelling. However, excluding automotive fuels retail sales continued to be supported by Internet spending and discounting. In the labour market there was a small reduction in unemployment in 2009 Q4, but average durations of unemployment continue to rise. Evidence continues to suggest that younger people have been particularly affected by tighter labour market conditions, showing the strongest rise in unemployment and inactivity rates. Both CPI and RPI inflation picked up strongly in January due to rising motor fuel prices and also the reversion of VAT from 15 per cent to 17.5 per cent. [ABSTRACT FROM AUTHOR]

The preliminary estimate of Gross Domestic Product reports the UK economy grew by 0.1 per cent in 2009 Q4, the first quarter of positive growth since 2008 Q1. The total fall in output between 2008 Q1 and 2009 Q3 was 6.0 per cent, similar to the contraction of the early 1980s. In the latest quarter, no particular industry made a large contribution to growth in either direction. Unemployment fell for the first time since Spring 2008 as the number of redundancies continued its recent fall, but the vacancy rate remains depressed. Compared to previous recessions, the fall in the number of jobs, given the contraction in output, has been relatively mild. Job numbers may have been supported by shorter working weeks, lower pay settlements and some labour hoarding. Inflation in the Consumer Prices Index rose to 2.9 per cent in December, mainly due to the timing of the VAT cut last year and a continuing rise in motor fuel prices. [ABSTRACT FROM AUTHOR]

This article explains some particular statistical issues in measuring the economy during a recession and sets out the ways in which ONS has addressed these challenges, including steps to give users good information and analysis about the changing path of the economy. [ABSTRACT FROM AUTHOR]

This article considers labour market performance from April 2008 to September 2009, covering eighteen months of the recent recession, for the UK as a whole, the devolved countries of the UK and Government Office Regions within England. The main findings are: * employment rates have fallen for the UK and across the country, with Northern Ireland and Wales having the largest falls * the number of jobs in the UK has fallen, with 'Manufacturing' and 'Construction' industries having the largest percentage falls * redundancy levels increased through the recession to a peak in the three months to March 2009, before falling over the next six months to September 2009 * unemployment and the claimant count have increased in all regions * the inactivity rate has increased slightly in the UK, but there are large variations in changes in inactivity across the UK * since the onset of the current recession, there has been a sharp increase in the flow of individuals from employment to unemployment, * earnings growth has been relatively weak in comparison with periods before the recession The full version of this article was published on 18 November 2009 and is available at www.statistics.gov.uk/CCI/article.asp?ID=2310. [ABSTRACT FROM AUTHOR]

This article considers changes in the nature of the balance of trade between 1985 and 2008. The first section examines the theories behind trade and the position of the UK relative to its trading partners. Periods of deficit and surplus between these dates are then analysed individually, drawing comparisons. Lastly, the composition of the balance of trade in each period and the fundamental reasons driving either the surplus or deficit are discussed. The analysis concludes that there are some fundamental similarities between the causes of each trade deficit, although there have also been large structural changes in the composition of UK exports and imports due to developments in the global economy. [ABSTRACT FROM AUTHOR]

The latest estimate of Gross Domestic Product (GDP) showed the UK economy contracted by 0.2 per cent in GDP in 2009 Q3. Although this marks the sixth successive quarter of recession, the pace of decline continues to ease. And if the oil and gas extraction industry were excluded from output, growth would have been fl at in the latest published quarter. The public sector, and repair and maintenance work saw construction output grow in 2009 Q3. Household consumption and gross fixed capital formation also returned to positive growth for the first time since the start of the recession, driven respectively by the purchase of motor vehicles and public sector investment. The household saving ratio continues to rise, and the corporate sector has become an increasing net lending to the rest of the economy. On the other hand, the impact of the recession on the public finances has seen the Central Government sector become a growing net borrower. The current account remained in deficit, but the International Investment Position has strengthened due to revaluations following the depreciation of sterling. [ABSTRACT FROM AUTHOR]

Several tables of economic data in Great Britain from first quarter 2004 to third quarter 2009 including national accounts aggregates, gross domestic product by category of expenditure and labour market summary are presented.

The UK economy contracted by a revised 0.6 per cent in the second quarter, due to continuing falls in household consumption and business investment. Despite some impact from the vehicle scrappage scheme, household consumption fell due mainly to lower discretionary spending on services. Business investment is currently the main driver of the recession, and has fallen heavily since the start of 2009 due to the uncertain economic outlook. Weak consumption and investment spending has seen the savings ratio rise, and both the household and corporate sectors become net lenders. Government consumption and investment has continued to rise throughout the recessionary period. However, as fiscal revenues fall, public sector borrowing and debt has risen generating expectations that a period of fiscal austerity will be required. The current account has remained in deficit despite an improvement in the trade balance as net investment income falls. However there is some evidence that the UK economy is undergoing some rebalancing away from domestic to external demand. [ABSTRACT FROM AUTHOR]

The article offers information on several tables regarding economics and labor market in Great Britain from 2004 to 2009. It describes the people who belong to the category of economically inactive including those who aspire to get a job but have not been looking for work in the last four weeks, and those who are not available to begin a job. It states the use of Labour Force Survey in measuring the number of people who are unemployed in the region. Also noted is the definition of the concept unit wage costs.

This quarter, the regional economic indicators article focuses on rural and urban productivity in the English regions. The regular part of the article then gives an overview of the economic activity of UK regions in terms of their gross value added (GVA), GVA per head and labour productivity. This is followed by a presentation of headline indicators of regional welfare, other drivers of regional productivity and regional labour market statistics. The indicators cover the nine Government Office Regions of England and the devolved administrations of Northern Ireland, Scotland and Wales. These 12 areas comprise level 1 of the European Nomenclature of Units for Territorial Statistics (NUTS level 1) for the UK. The term 'region' is used to describe this level of geography for convenience in the rest of this article. [ABSTRACT FROM AUTHOR]

The UK economy contracted for a fifth successive quarter in 2009 Q2. However, compared to the previous two quarters, the pace of falling output has slowed considerably, raising hopes that the UK is nearing a turning point. Despite this the latest figures disappointed, especially when set aside other major economies that saw positive growth return in the second quarter. The production sector appears to be on the cusp of recovery but the services industries, and in particular business services, continues to drive the downturn. On the demand side inventories have now turned around, but investment remains weak. Preliminary estimates of business investment give little sign for optimism. The labour market continues to worsen, as unemployment rises and employment falls. Finally the rate of consumer prices inflation has remained below the Inflation Target of 2 per cent, and is expected to fall further as last year's increases in gas and electricity prices fall out of the annual calculation. [ABSTRACT FROM AUTHOR]

Several tables are presented that show the economic indicators of Great Britain from 2003 to the first quarter of 2009 including the national accounts aggregates, gross domestic products (GDP) and labour market.

Several tables are presented related to the economy of Great Britain, including one listing the national accounts aggregates from 2003 to 2009, one showing gross domestic product (GDP) based on expenditure from 2003 to 2009 and another one summarizing the status of labour market from 2007 to 2009.

Latest data reports a contraction in the UK economy for the third successive quarter. Output in the first quarter of 2009 was 1.9 per cent lower than in the previous quarter, and 4.1 per cent lower than the same quarter in 2008. Manufacturing and the other production industries have made the largest contributions to the fall in output, with other notable contributions coming from the construction, distribution, hotels and catering, and the business and financial services sectors. New data on the expenditure measure of Gross Domestic Product shows that inventories and investment spending have driven the downturn despite positive offsetting contributions from net trade and government spending. The labour market has weakened further with unemployment rising to 7.1 per cent in March. Inflation in the Consumer Prices Index has fallen to 2.3 per cent as energy and food price inflation continues to moderate. [ABSTRACT FROM AUTHOR]

This quarter, the regional economic indicators article focuses on household income. The regular part of the article then gives an overview of the economic activity of UK regions in terms of their gross value added (GVA), GVA per head and labour productivity. This is followed by a presentation of headline indicators of regional welfare, other drivers of regional productivity and regional labour market statistics. The indicators cover the nine Government Office Regions of England and the devolved administrations of Northern Ireland, Scotland and Wales. These 12 areas comprise level 1 of the European Nomenclature of Units for Territorial Statistics (NUTS level 1) for the UK. The term 'region' is used to describe this level of geography for convenience in the rest of this article. [ABSTRACT FROM AUTHOR]

The contraction in the UK economy continued for a third successive quarter as, according to preliminary estimates, output fell by 1.9 per cent in the first quarter of 2009. Lost output since the start of the current recession has already exceeded that of the early 1990s recession and is approaching that recorded in the early 1980s. Production industries, most notably manufacturing, are making the largest contributions to falling output. Construction, hotels and catering, and financial and business services are also showing strong falls. Public sector finances have weakened considerably in the last financial year with a marked increase in the current budget deficit and net debt as the economy weakens and from the costs of supporting the financial sector. Public finances projections show continued current budget deficits and a doubling of net debt. The labour market continues to weaken in line with output with both unemployment and claimant counts rising. Average earnings growth has fallen considerably, mainly due to falling bonuses, but the measure excluding bonuses has been more stable. Consumer prices inflation continued its downward trend as falling energy and commodity prices passed through. Consumer Prices Index (CPI) is now below 3 per cent and the Retail Sales Index (RPI) is in deflation territory. [ABSTRACT FROM AUTHOR]

Several tables are presented that list economic indicators in Great Britain including national account aggregates, gross domestic product based on expenditure and labour market statistics.

Latest National Accounts data confirms the preliminary view published last month that the UK economy has entered recession, and that the pace of the downturn has accelerated. In the final quarter of 2008 Gross Domestic Product fell by 1.5 per cent, driven by large output declines in the manufacturing and distribution, hotels and catering industries. New data on the expenditure side of the economy shows that household consumption and fixed investment have contracted sharply, but the most significant contribution to falling demand has come from falling inventories as firms prefer to meet demand by running down stocks rather than through production. Strong and rapid pass-through from falling output to the labour market has continued, with further rises in redundancies pushing up the unemployment rate to 6.3 per cent. Consumer prices inflation remains above target at 3 per cent, but is expected to fall sharply during this year. [ABSTRACT FROM AUTHOR]

Several tables are presented that list economic indicators in Great Britain as of December 23, 2008 including national account aggregates, gross domestic product based on expenditure and labour market statistics.

This article describes current methods for measuring defence in the UK National Accounts, based on staff numbers and other inputs. It sets out proposals for improvements to these measures, making better use of information on the composition of military staffing and spending. It also discusses some innovative proposals for the direct measurement of defence output. One such measure could be based on activities, for example, the proportion of Armed Forces personnel engaged in military operations or training. Another measure could be of 'capabilities' based on the quality and readiness for use of personnel and equipment. [ABSTRACT FROM AUTHOR]

ONS headline productivity series, Gross Value Added per unit of labour, are based on the concept of 'labour productivity', with labour input measured in terms of hours, jobs or workers. The drawback of this approach is the implicit assumption that each unit of labour is homogenous -- one worker is the same as another, or an hour worked in one sector the same as in any other. However, workers are clearly not the same; they each have an array of different skills and characteristics. Therefore it is possible to produce a more complete measure of labour input based on the quality of the workforce as well as the volume of its input. Quality-adjusted labour input (QALI) does this by differentiating between hours worked according to workers' qualifications, experience, gender and industry. QALI is also used alongside the volume index of capital services in the production of multi-factor productivity estimates. This article updates QALI estimates for 1997 to 2006 and extends the series to 2007. Results have been produced for the whole economy, the market sector and for six broad sectors. [ABSTRACT FROM AUTHOR]

This quarter, the Regional economic indicators (REI) article focuses on skills -- one of the drivers of regional productivity. The regular part of the article then gives an overview of the economic activity of UK regions in terms of their GVA, their GVA per head and their labour productivity. This is followed by a presentation of headline indicators of regional welfare, other drivers of regional productivity and regional labour market statistics. The indicators cover the nine Government Office Regions of England and the devolved administrations of Northern Ireland, Scotland and Wales. These 12 areas comprise level 1 of the European Nomenclature of Units for Territorial Statistics (NUTS level 1) for the UK. The term 'region' is used to describe this level of geography for convenience in the rest of this article. [ABSTRACT FROM AUTHOR]

Several tables are presented that provide statistics on economic and labour markets in Great Britain as of July 2008, including gross domestic product (GDP) by category of expenditure, labour market summary and prices.

This quarter, the regional economic indicators (REI) article focuses on gross disposable household income per head and the decomposition of this indicator into three components. The analysis investigates the development of this indicator from 1996 to 2006. The regular part of the article then gives an overview of the economic activity of UK regions in terms of their GVA, their GVA per head and their labour productivity. This is followed by a presentation of headline indicators of regional welfare and of various drivers of regional productivity. At the end of this article labour market data are presented. The indicators cover the nine Government Office Regions of England and the devolved administrations of Northern Ireland, Scotland and Wales. These 12 areas comprise level 1 of the European Nomenclature of Units for Territorial Statistics (NUTS level 1) for the UK. The term 'region' is used to describe this level of geography for convenience in the rest of this article. [ABSTRACT FROM AUTHOR]

This article looks at estimates of regional gross disposable household income (GDHI) at current basic prices, published in May 2008. These data are published using the European Union Nomenclature of Units for Territorial Statistics (NUTS) regions. Data are published for the NUTS1, NUTS2 and NUTS3 levels for the period 1995 to 2006. There is an overview of the methodology used in the calculation of regional GDHI and the article concludes with Office for National Statistics (ONS) future plans for regional economic data. [ABSTRACT FROM AUTHOR]

There are a number of contrasting economic theories regarding companies' motivations for holding inventories. One theory suggests firms use inventories to smooth production levels over time in response to demand; another suggests firms have an optimal range of inventory levels which they will maintain by varying production levels. The purpose of this article is not to resolve this debate but instead to highlight the relationships within component inventories data, the relationships between gross domestic product and inventories and the relative importance of individual sectors' holdings within the series as a whole. Subsequently, a comparison of official data and external survey data within the UK will be discussed. In addition, the article aims to highlight the difficulty in measuring inventory data and discusses issues surrounding methodology. [ABSTRACT FROM AUTHOR]

GDP output slowed in 2008 quarter two compared with the previous quarter. Growth was driven by modest service sector output, offset by weaker total production growth. Manufacturing output contracted in the latest quarter following positive growth in the previous quarter. On the expenditure side, household spending strengthened whilst business investment weakened in quarter one compared with the previous quarter. The current account deficit narrowed in quarter one. The goods trade deficit narrowed in the latest quarter. The labour market showed further signs of weakening in 2008 quarter two; average earnings remain relatively subdued. Public sector finances deteriorated in June 2008. Consumer price inflation accelerated further in June 2008 and was considerably above the Government's inflation target. Producer output and input price inflation accelerated in 2008 quarter two. [ABSTRACT FROM AUTHOR]

Several tables are presented that list economic data in Great Britain as of 2007, including national accounts aggregates, gross domestic product based on expenditure, and prices.

The services producer price indices (SPPI) replaced the former corporate services price index (CSPI). The SPPI's are primarily a suite of individual price indices that provide information on price change for a limited range of service industries. Each SPPI captures quarterly changes in the price received for services provided by UK businesses to other UK businesses and Government. These individual price indices are also aggregated together to create an 'aggregate' SPPI with limited coverage. This aggregate SPPI is not representative of the whole service sector. This article shows the effects some industries are having on the aggregate SPPI. The data produced are used internally by the Office for National Statistics as a deflator for the Index of Services and the quarterly measurement of gross domestic product. The index is also used by HM Treasury and the Bank of England to help monitor inflation in the economy. In May 2010 the UK Statistics Authority Assessment team accredited the SPPI as a new National Statistics. Therefore, this will be the last SPPI article published in Economic & Labour Market Review. [ABSTRACT FROM AUTHOR]