London's Economy Today - Issue 157 - September 2015

The overview

• Inflation in the UK falls back to zero
• Further signs of a global slowdown
• Confidence in London remains generally high but concerns about the global economy cloud the horizon

Economic indicators

• House prices, as measured by Offi ce for National Statistics, were higher in Q2 2015 than in Q2 2014 for London and the UK
• The Purchasing Managers’ Index (PMI) of business activity recorded 57.4 in August 2015, down from 59.0 in July 2015.
• The PMI for new orders recorded 59.4 in August 2015 compared to 62.3 in July 2015.

LET supplement: Zero-hours contracts in London

• It is estimated that there are less than 100,000 people currently employed on contracts that do not guarantee minimum working hours in London
• Zero-hours contracts are a more prevalent form of employment (when compared to other forms of employment) for young workers and those aged 65 and older.
• Women make up a larger proportion of individuals that report working on zero-hours contracts when compared to men.