The CBI's latest Service Sector Survey indicates a significant decline in business confidence across the services sector as of May. Business volumes have consistently decreased in both business & professional services and consumer services, with escalating cost pressures and the fastest price increases seen in two years. Amid this challenging landscape, firms foresee ongoing declines in activity, with particular concerns over investment plans. Employment is also set to drop further, especially within consumer services, reflecting a broader trend of depressed profitability and cautious spending moving forward.
Businesses in the services sector are grappling with sharp declines in confidence and profitability due to rising inflation and falling demand.
The services sector anticipates further activity declines, with rising costs outpacing any potential price increases for their services.
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