The bank of england just published their monthly business conditions report. Each month, the bank surveys 700 businesses about market conditions. This month, the survey suggests that the UK economy is both drifting into a slowdown, while inflationary pressures increase. Turnover is slowing, firms are increasingly reluctant to invest, while costs and prices are rising.
The only potential good news from the survey comes from labour costs, which remain subdued. However, firms are telling the bank that they will probably begin to reduce employment in the coming months. The unemployment numbers look likely to increase.
Here are a few quick charts that illustrate the main trends: