This month’s Economic Review includes:

• On 13 December, the Bank of England’s Monetary Policy Committee (MPC) voted by a six to three majority to leave Bank Rate unchanged at 5.25%. The Bank insisted it is ‘too early’ to speculate about when rates might be reduced
• Although last month’s release of UK gross domestic product (GDP) statistics did reveal a lacklustre economic performance between April and October, survey evidence suggests the year may have ended on a more positive note, with some analysts suggesting this pick-up may be enough to ensure a recession is avoided
• The latest release of labour market statistics has revealed a further softening in the UK jobs market, with the total number of vacancies falling again and wage growth easing. The unemployment rate remained unchanged at 4.2% in the three months to October, while the overall level of employment rose by 50,000 over the same period
• Official retail sales statistics have revealed stronger than expected growth in sales volumes during November. Total retail sales volumes rose by 1.3% in November, which was stronger than the 0.4% consensus forecast predicted in a Reuters poll of economists.