The CBI's Growth Indicator shows that private sector activity is expected to decrease, with a weighted balance of -21% anticipated for the three months leading to July. The services sector, particularly business and professional services and consumer services, forecasts significant declines of -22% and -41% respectively. Following a similar trend, distribution sales are set to drop (-23%). Deputy Chief Economist Alpesh Paleja highlights concerns over economic momentum, exacerbated by tariff uncertainties and rising costs, prompting calls for the government to implement growth-focused strategies to stimulate investment and hiring.
"Private sector activity remains subdued, with our surveys pointing to weaker economic momentum than implied by official data."
"The combined impact on hiring and investment plans means that it's more important than ever for the government to focus on the growth levers that it can control."
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