London's Economy Today - Issue 165 - May 2016

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The overview

• UK inflation falls in April but likely to rise in coming months
• Eurozone economic growth speeds up
• Signs of weakening in the UK economy

Economic indicators

• London’s business activity continues to increase with the Purchasing Managers’ Index (PMI) of business activity recorded 51.0 in April 2016, down from 54.2 in March 2016.
• Surveyors report that house prices are decreasing in London with the RICS Residential Market Survey showing a net balance of -10 for London house prices over the three months to April 2016.
• Consumer confidence positive in London with the consumer confidence score standing at 7 in April 2016, down from 9 in March 2016, but negative in the UK with the consumer confidence score falling to -3 in April 2016, down from 0 in March 2016.

London’s Economy Today supplement: Trends in the demand for skills and labour

• This work looks at demand for jobs and skills and reflects on the government’s review of post-16 education and training.
• Our analysis sets out what drives London’s economy, and what this will mean for future skills needs.
• Over the past three decades, London has become increasingly connected to the global economy. As a result, it now specialises in high value business services. With a growing workforce and a growing population, demand is also increasing for local services like schools, healthcare and retail.
• What this means is that there will be a higher demand for a highly skilled, professional workforce in London. A high level of training will also be needed to replace the half a million plus workers who leave their jobs in London each year. This training can also help workers adapt to changes in technologies and the nature of work.

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