Services sector has weakest January performance in two years, according to purchasing managers index

Staff shortages have posed problems for employers and caused wages to rise in an effort to lure would-be staff members.in the past year, though wage rises failed to keep up with inflation, official data from the Office for National Statistics recorded.lowest level since 1974But the updated economic picture is not totally bleak. A survey of businesses found their activity expectations for the coming year were the strongest reported since April 2022.

Optimism was seen thanks to the drop in fuel prices that brought input cost inflation to a 17-month low. According to Tim Moore, a director for economic indicators & surveys at S&P Global Market Intelligence:"Intense pressure on costs from rising energy bills and tight labour market conditions led to another sharp rise in business expenses."

He added:"Cost pressures are still higher than at any time in the two decades prior to the pandemic, but the overall rate of inflation eased to its lowest since August 2021 as reduced fuel prices offered some relief."

Pound also plummeting as soon as Truss is mentioned.

chimrychels 'technical' 🙃

Thanks IMF and the conservatives for imposing this on us. Yes Tax rises and spending cuts are the ticket!

Caused by the bankofengland putting up interest rates to push up banker's/bondhokder's profits. The not-so-invisible hand of the Market. What a joke is orthodox economics which rationalises that.

Doubt it will happen

Should we organise another furlough scheme to reboot the economy?

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