Warning over looming threat of recession
The threat of a recession is looming amid a fall in employment, business optimism and output, a new report is warning.
Advisory group BDO said its research suggested that business confidence, output and hiring intentions continued to fall in September as firms grapple with “ongoing inflationary headwinds”.
Companies are still struggling to maintain staffing numbers and deal with higher borrowing costs, wage growth and weaker customer demand, said the report.
Kaley Crossthwaite of BDO said: “An even more pessimistic outlook from businesses, declining output and the lowest reading on our Employment Index in nine years are mounting indicators of the slowdown in economic activity predicted over the winter months.
“With the threat of recession on the horizon, businesses are understandably feeling the pressure.
“More needs to be done to offer businesses support to weather the storm and drive their growth through the challenging months ahead.”
Press Association – Alan Jones