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Slight reduction in UK service sector output as lacklustre demand conditions continue in October
UK service providers experienced another reduction in business activity during October, although the downturn was only marginal and slightly less marked than in September. Survey respondents typically cited cost of living pressures, high interest rates and weak consumer confidence as factors holding back customer demand. Job shedding continued in October, reflecting lower new orders and uncertainty about the business outlook. The degree of optimism among services companies regarding year ahead growth prospects was the lowest in 2023 so far. At 49.5 in October, the headline seasonally adjusted S&P Global / CIPS UK ... (full story)