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Financial News: UK Service Sector Sentiment Weakens In November: CBI

UK Service Sector Sentiment Weakens In November: CBI

11/27/2019 - 22:28:00 (RTTNews)

(RTTNews) - The UK service sector sentiment weakened in three months to November, survey data from the Confederation of British Industry showed Thursday.

Among business and professional services, sentiment about the general business situation continued to deteriorate. But the pace of decline slowed to -20 percent from -31 percent.

Firms reported a decline in business volume over the last quarter and a balance of -14 percent expects volumes to fall in three months to February 2020.

Profitability fell sharply in the three months to November, once again the fastest decline since November 2011, survey showed. A net 25 percent forecast profitability to drop in next quarter.

Among consumer services, optimism about the general business situation deteriorated again. The balance came in at -25 percent versus -28 percent in preceding period.

Business volumes fell at a sharper pace in three months to November and a net 18 percent forecast another fall in next quarter. About 24 percent forecast profitability to drop in three months to February.

Rain Newton-Smith, CBI chief economist said, "The current economic climate is holding back UK services firms, which are reporting falling sentiment, declining volumes and weaker profitability.

"Neither is the outlook expected to improve, with firms pessimistic about their prospects for expansion, investment plans having been scaled back and hiring on hold," Newton-Smith added.

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