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Monthly Business Survey: May 2023
podcast Business conditions continued to ease in May with notable declines across the trading, profitability, and employment sub-components. The fall in conditions now appears to be accelerating, and while they remain a touch above their long-run average they are well below the levels we saw in early 2023. Confidence fell to -4 index points in the month and has tracked at or below 0 since February – with most industries now in negative territory. Forward orders fell sharply and if sustained will likely see a further sharp slowing in demand. This is particularly evident in the consumer sector, where forward orders ... (full story)