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Financial News: UK Private Sector Activity Continues To Contract: CBI

UK Private Sector Activity Continues To Contract: CBI

07/29/2019 - 00:15:00 (RTTNews)

(RTTNews) - The UK private sector activity continued to fall in three months to July but at a slightly slower pace, the monthly growth indicator from the Confederation of British Industry showed Sunday.

The balance of firms posting growth came in at -9 percent. This was the ninth straight rolling quarter of either flat or falling volumes.

Services activity logged a slower decline amid a marked decrease in both distribution and manufacturing volumes.

Nonetheless, private sector growth is forecast to pick up, with a balance of 9 percent expecting an improvement in the three months to October.

The growth indicator suggested a subdued start to the third quarter, following other recent data which indicated economic growth slowed noticeably in the second quarter of 2019.

"A new Prime Minister marks a fresh start and early signals matter," Annie Gascoyne, CBI director of economic policy, said. "Business is looking for a Brexit deal that unlocks confidence; clear signals the UK remains open to the world; and a willingness to work together with business on issues ranging from climate change to digital connectivity."

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