London's Economy Today - Issue 83 - July 2009

The overview

• UK economy stuck in recession
• UK CPI inflation drops below the government’s target
• credit conditions remain tight despite slight moderation in risks to the global financial system

Economic indicators

• London firms increased their output of goods and services in June 2009
• the PMI for new orders recorded 49.3 in June compared to 53.6 in May
• annual house price inflation in London was -10.2% in Q2 2009, up from -18.2% in Q1 2009

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