Key Economic Indicators

FULL-TIME AVERAGE WEEKLY EARNINGS

pstpw

All workers 430.3

All male 473.7

All female 359.3

All non-manual 468.9

Female non-manual 378.2

pstpw

Male non-manual 547.7

All manual 345.1

Female manual 243.6

Male manual 366.1

Source: Estimates for January 2001 from Labour Market Trends June 2001 updating New Earnings Survey April 2000

Inflation and Earnings Forecasts

2001 2002

Retail Price Index

Average 1.7 2.5

Range 0.9-2.7 1.1-3.9

Earnings, whole economy

Average 4.6 4.6

Range 3.9-6.3 2.9-5.9

Figures are for fourth quarter of year in each case. Average of around 40 independent forecasts published by the Treasury.

earnings and pay

% annual rise LRD Whole Manu- Services1 Private Public average economy1 facturing1 sector1 sector1 pay deals2 2000

April 4.6 4.4 4.7 4.7 4.2 3.0

May 4.0 5.1 3.5 4.2 3.3 3.0

June 3.8 4.4 3.5 3.9 3.5 3.0

July 3.9 4.4 3.7 3.9 3.5 3.0

August 4.2 4.1 4.3 4.4 3.4 3.3

September 4.2 4.5 4.1 4.5 3.2 3.3

October 4.1 4.2 4.1 4.2 3.5 3.3

November 4.4 4.7 4.3 4.5 3.9 3.3

December 4.8 4.9 4.9 4.9 4.3 3.5

2001

January 4.3 3.8 4.5 4.5 3.3 3.3

February 6.5 5.2 7.1 7.3 3.0 3.2

March 4.3 5.3 4.1 4.2 4.5 3.2

April(p) 4.7 5.3 4.5 4.7 5.4 3.4

Headline rate

for April3 5.2 5.3 5.2 5.4 4.3

1 Average weekly earnings in Great Britain, seasonally adjusted, as monitored by National Statistics. 2 The midpoint of pay settlements for the three months to April as monitored on the Labour Research Department's PayLine database. 3 The average of the earnings increase figures for the latest three months compared with a year earlier. (p) provisional

Retail prices

Retail price % increase index % excluding (Jan 1987 annual mortgage =100) increase payments 2000

March 168.4 2.6 2.0

April 170.1 3.0 1.9

May 170.7 3.1 2.0

June 171.1 3.3 2.2

July 170.5 3.3 2.2

August 170.5 3.0 1.9

September 171.7 3.3 2.2

October 171.6 3.1 2.0

November 172.1 3.2 2.2

December 172.2 2.9 2.0

2001

January 171.1 2.7 1.8

February 172.0 2.7 1.9

March 172.2 2.3 1.9

April 173.1 1.8 2.0

May 174.2 2.1 2.4

Source: National Statistics

KEY INDICATORS INFLATION +2.1% AVERAGE EARNINGS +4.7%

2001

January (p)128.2 3.9 4.1 3.9 4.1 3.3

Headline

rate2 for January 4.4 4.5 4.4 4.5 3.8