UK firms most upbeat in 10 months despite economic headwinds, survey shows

Trade body Make UK and accountants BDO said their measure of business optimism hit its highest since August 2022, helped by the survey's gauge of inflation pressure dropping to its lowest in nearly two years.

The survey's employment index posted its fifth consecutive monthly increase with rises in the number of self-employed and part-time workers, despite a slowdown in output growth with manufacturers seeing the worst output reading since May 2020. "Whilst there's hope that the new Ofgem price cap will drive down household energy prices and in turn ease inflation, the recent rise in interest rates and stagnating price growth indicate that this may still be a long way off," Kaley Crossthwaite, Partner at BDO LLP said.

The Bank of England, which is trying to curb the highest inflation rate among the world's big rich countries, is worried about long-term price pressures in the labour market and it is widely expected to continue raising interest rates.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

June report shows job growth slower than expected and 3.6% unemployment rateThe U.S. saw continued job growth in June, but not at the same blistering pace that has been a concern for the Federal Reserve, as it tries to thread the needle by slowing the economy just enough to stem rising inflation, but keeping enough economic growth to prevent a recession.
Source: KTVU - 🏆 465. / 53 Read more »