London's Economy Today

LET Issue 150 February 2015

The Overview

  • UK CPI inflation falls to a record low.
  • Eurozone deflation intensifies but economic growth picks up.
  • London calculated as the fastest growing British region in Q4 2014.

Economic indicators

  • London’s business activity continues to increase, with the PMI standing at 59.8 in January.
  • New orders in London rising with the PMI standing at 61.5 in January.
  • Surveyors expect house prices to fall in London (with the net balance standing at -24) but to rise in England and Wales (with the net balance standing at 2).

Part-time employment in London: What is the evidence?

  • Growth in part-time employment has been strong, but the share of part-time jobs in London is still lower than in the UK.
  • Differing industries and occupational mixes within the London and the UK economies are only part of the explanation for the lower share of part-time jobs in London, accounting for just over a third of the reason for the lower share. Other factors, such as “place effects” (ie, London-specific factors, such as the structure of the economy) and “people effects” (ie, individual-specific factors, such as gender and parental status) need to be taken into account.
  • More than 60 per cent of part-time jobs in London were taken by women in 2014. However, this share remains below the 70.6 per cent registered in the UK.

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