UK private sector firms signalled a renewed downturn in business activity in August, thereby ending a six-month period of expansion. This mostly reflected a faster fall in new orders as sluggish domestic economic conditions and higher borrowing costs led to caution among clients. Inflationary pressures continued to moderate in August, with input costs rising at the slowest pace for two-and-ahalf years. That said, there were again many reports of persistently strong wage pressures. Average prices charged by UK private sector companies also increased at the softest rate since February 2021. Survey respondents suggested ... (full story)