Agents’ summary of business conditions
The annual rate of activity growth had remained moderate. Turnover growth had eased further in the business services sector, partly reflecting some delays in clients’ decision-making ahead of the EU referendum, but it had picked up in consumer services. The annual rate of decline in manufacturing output had waned.
Bank credit availability had stabilised, after a prolonged period of easing, remaining above normal for most contacts. Capital market issuance and corporate finance activity had slowed recently. Peer-to-peer lending had continued to expand.
Employment growth and recruitment difficulties had eased, partly reflecting slower demand growth among business services companies. But total labour costs per employee had edged higher due to the introduction of the National Living Wage. Inflation had remained subdued.
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