BoE Agents' Summary of Business Conditions Q3: Economic activity remained subdued and concerns about the outlook; Employment intentions had softened with lower pay settlements expected; Easing cost pressures

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  Economic activity remained subdued, and there were growing concerns about the outlook – most notably from contacts in consumer-facing businesses, but also from the business services sector.


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  Employment intentions had softened and pointed to broadly stable employment levels over the coming year. Recruitment difficulties had eased further. Pay settlements were expected to come down gradually over the rest of the year and further in 2024.


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  Easing cost pressures were feeding through to lower consumer price inflation. Contacts expected price inflation to fall for many goods (including food, cars, clothing, and furniture) and also for some services, such as leisure and hospitality.

Via BoE

Analysis details (12:04)

• The report is a summary of reports compiled by the BoE's 12 regional Agents following discussions with at least 700 businesses across the UK every reporting period.

21 Sep 2023 - 12:01- Fixed Income- Source: BoE