Two separate surveys reveal more economic gloom

| August 15, 2011 | 0 Comments

A survey from BDO, published today, has revealed a fall in business confidence, while a separate survey has revealed employers plan to axe jobs in the third quarter.

According to the Business Trends optimism index from accountants BDO, business confidence fell to 95.1 in July from 95.6 the previous month – the lowest level for six months.

The survey is compiled by the Centre for Economics and Business Research and covers 11,000 companies from a range of industries.

According to BDO, the figures suggest the manufacturing sector had contracted for the second consecutive month.

BDO partner Peter Hemington comments: “The rapid decline of the manufacturing sector, championed as the key to a rebalancing of the UK economy, is alarming.”

In the meantime, a separate survey conducted by the Chartered Institute of Personnel and Development (CIPD) and KPMG has established that employers are cautious about hiring in the third quarter due to uncertainty surrounding the global economy.

The CIPD’s quarterly survey, which is based on responses from more than 1,000 employers, revealed that manufacturers had scaled back plans to hire more staff.

The CIPD/KPMG net employment index was in negative territory again, dropping to -1 from +3 recorded for the past three months.

Furthermore, the CIPD added that prospects for the longer term are just as gloomy with the 12-month employment index falling to -6 from +2 last quarter.

Tags: , , CIPD, , , gloom, , , , surveys

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