QES
Domestic sales and orders – Net balance fell by 66points for manufacturers and 95 points for the service sector. Within the services sub=sectors, it is business to consumer companies such as hospitality, training and venues which are hardest hit whereas information technology and communications showed the least impact.
Export sales and orders – Net balance fell 72 points and 65 points for services and manufacturing respectively.
Employment – Whilst the number of companies reporting headcount increases was less than those reporting decreases, three quarters of businesses reported no change on the previous quarter. Companies had already indicated prior to this survey that many were furloughing staff.
Investment – Investment in both training and capital equipment fell in the last quarter as companies seek to hold on to cash reserves. Ongoing uncertainty will likely delay any future investment in the short term without government stimulus to get the economy moving again.
Business confidence – Business confidence, not unsurprisingly, fell to its lowest point since late 2008 and early 2009 across all sectors.
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