mpc.theyserveforyou.com

mpc: 5 January, its highest level for more than two years and above its historical average. The Consumers' Association quarterly survey of confidence had been +41 in January, compared with +34 in October. A20 Private new car registrations in the three months to January had fallen by 12.6% on a year earlier. Total new registrations had fallen by 4.1% over the same period. A21 Both the Halifax and Nationwide house price indices had shown further increases in January, of 2.4% and 0.9% respectively. Annual house price inflation had remained high on these measures, at 16.0% and 13.1% respectively. Particulars delivered had fallen by 2.4% in December and the annual growth rate had declined to 11.7%. The RICS survey had shown weaker sales and instructions in December. A22 The public sector net cash requirement had been £9.2 billion in December. A23 The BCC and CBI surveys had shown a pick-up of manufacturing investment intentions in Q4 compared with levels a year earlier. The CBI intentions balance rose slightly, to ­9 in Q4 from ­11 in Q3. The BCC had shown an increase in investment intentions (plant and machinery), to +14 in Q4 from +11 in Q3. The BCC survey had also shown an increase in service sector investment intentions, the balance rising to +25 in Q4 from +21 in Q3. A24 The CBI quarterly industrial trends survey had shown fewer firms with more than adequate stocks: however, the stocks of finished goods balance had risen sharply since Q2. The CIPS survey of manufacturing had shown that stocks of finished goods had been built up ahead of the millennium, perhaps consistent with a positive contribution to GDP growth in Q4. The CBI distributive trades survey had reported a build-up of retailers stocks in January. A25 Looking ahead to 2000 Q1, survey evidence suggested continuing growth. The CBI quarterly industrial trends survey had shown a marked improvement in new manufacturing orders in Q4. The BCC survey for Q4 had shown slight improvements in domestic and overseas orders in the manufacturing sector, and declines in the service sector. The CIPS purchasing managers' survey of manufacturing showed a fall in the headline index, to +52.0 in January from +56.3 in December, reflecting the `millennium effect' as firms adjusted stock positions. The CIPS services measure had fallen by less and construction was broadly flat.