Michelle ThompsonAn Ulster Bank survey indicates that the private sector in Northern Ireland continued to deteriorate in August as a result of increasing interest rates and pressure from rising living expenses.
The bank queries businesses across the economy on a monthly basis regarding topics like staffing levels, order books, and exports.
For the second consecutive month, total business activity decreased in August.
Richard Ramsey, the bank’s chief economist, said the survey indicated a broad slowdown in the UK.
Only two locations in the UK saw an increase in output last month. The greatest rates of decline were observed throughout the UK in Northern Ireland, which is at the bottom of the list, he continued.
According to the study, activity declined across all four major economic sectors in Northern Ireland: services, manufacturing, retail, and construction.
The survey’s primary encouraging findings are that firms are still hiring and are still optimistic about the state of the economy over the coming 12 months.
The Northern Ireland Statistics and Research Agency will release official data on the performance of the manufacturing and services sectors in Northern Ireland in the second quarter of the year later this week.
The newest monthly employment statistics will also be included.
The figures from the previous month showed flimsy indications that the labor economy is starting to deteriorate.
