BOE Agents: Services Hiring Plans Weakest Since Early 2010

LONDON (MNI) – The pace of hiring is easing, fueled by economic
uncertainty, according to the latest Bank of England Agents’ report.

The report, accompanying the November minutes of the BOE’s Monetary
Policy Committee, said employment intentions had softened recently, and
in some cases uncertainty had lead to greater caution over recruitment.
The detailed scores showed services employment intentions falling to
their lowest level since early 2010.

The report found investment intentions pointed to modest growth in
capital spending over the next year, while the growth of nominal
spending on consumer goods and services remained “very weak.”

The agents attach scores to the various sectoral components.

The scores in the report, which are for October, showed
manufacturing investment intentions falling to 1.6 from 1.7 in September
and for services to 1.0 from 1.4.

Manufacturing employment intentions fell to 0.6 in October from 1.0
in September and in services they dropped to just 0.1 from 0.3, the
lowest outturn since February 2010.

–London newsroom: 4420 7862 7491 e-mail: drobinson@marketnews.com

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