London's Economy Today - Issue 166 - June 2016

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The overview

• UK votes to leave the EU
• World economic situation remains mixed
• Evidence of a slowing UK economy

Economic indicators

• New orders in London rising with the PMI for new orders recorded at 50.8 in May 2016.
• Surveyors expect house prices to fall in London, as well as England and Wales with the net house price expectations balance in London at -43 in May 2016, while for England and Wales, the net house price expectations balance was -10 in May 2016.
• Consumer confidence positive in London with the consumer confidence score standing at 9 in June 2016, but negative in the UK with the consumer confidence score remaining at -1.

London’s Economy Today supplement: London labour market projections 2016

• Jobs in London are projected to grow by more than 1.2 million by 2041. Fastest growing sectors are in business services, education and health.
• Professional occupations, and managers, directors and senior officials are projected to account for three quarters of additional jobs. This translates into a demand for a more highly skilled workforce in terms of qualifications.
• The report also considers the projected increase in London’s population and the extent to which the demand for, and supply of, labour is likely to be in balance in the longer term, both in terms of absolute numbers, and numbers with degree level qualifications.

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