Despite a modestly rising gross domestic product, some 236,000 jobs have been lost in 2003 and 2.6 million since early 2001.

For now, interest rates are expected to rise modestly throughout the year.

Economists had expected a smaller fall of 0.4pc, after sales rose modestly by 0.1pc in October.

Prices for many consumer items, however, either declined or rose modestly.

After the sale, prices of notes and bonds rose modestly.

Despite all these tailwinds, prices rose modestly for much of the period.

Prices of food, energy, business equipment and many small consumer goods rose modestly.

History tends to support the view that interest rates could rise modestly in coming weeks.

But now, she noted, inflation is beginning to rise modestly.

Oil prices rose modestly on Monday, but slipped back yesterday.