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Pressure grows on service sector | |
(about 4 hours later) | |
Firms in the professional services sector have seen their biggest drop in business in a decade, according to a survey from employers' group the CBI. | |
A balance of 25% of professional service firms, from law firms to accountants, also saw lower profits. | |
The results suggest that the impact of the slowdown that had hit bars and cinemas in the CBI's previous survey is spreading to other sectors. | |
Analysts are increasingly suggesting that a recession is on the horizon. | Analysts are increasingly suggesting that a recession is on the horizon. |
Official data released on Friday showed that UK economic growth came to a halt in the three months to June, with no growth from the first quarter of 2008. | Official data released on Friday showed that UK economic growth came to a halt in the three months to June, with no growth from the first quarter of 2008. |
Ian McCafferty, the CBI's economic advisor, said service sector firms were "under pressure". | Ian McCafferty, the CBI's economic advisor, said service sector firms were "under pressure". |
"This reflects much tougher trading conditions for business and professional firms, after a period when business trends had been holding up in the face of the slowing economy". | "This reflects much tougher trading conditions for business and professional firms, after a period when business trends had been holding up in the face of the slowing economy". |
Expectations for firms to grow fell to a record low, as it becomes increasingly tough for firms to get access to funding in light of the credit crunch. | Expectations for firms to grow fell to a record low, as it becomes increasingly tough for firms to get access to funding in light of the credit crunch. |
One sector that had particular problems was the travel industry. | One sector that had particular problems was the travel industry. |
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