Economic update

UK labour productivity, as measured by output per hour, is estimated to have fallen by 0.4% in Q1 2018, the first decline since Q2 2017. The BCC’s Quarterly Economic Survey for Q2 2018 suggests that UK economic conditions remain sluggish, despite a modest improvement in activity in the second quarter of 2018. In the dominant service sector, consumer-facing industries, such as hospitality and retail, continue to report tougher trading conditions. In the manufacturing sector, the balance of firms reporting improved domestic sales rose in the quarter, and the balance of firms reporting improved orders increased to the highest level since Q1 2015.

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