Consumer demand growth in the U.K. slowed in July amid easing confidence due to worries about the economic outlook, the Bank of England's network of regional agents said.
According to Agents' summary, investment intentions of firms softened a little, but remained positive. There was a general sense of stepping back from expansion plans.
Export growth remained strong but slowed further due to weaker demand in the euro area. Private sector employers did not expect much change in staff numbers over the next six months.
Further, the report showed that manufacturing output growth weakened, while construction output declined again. On the other hand, turnover continued to edge higher in the business services sector.
by RTT Staff Writer
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