Economic Confidence Drops To Three Year LowWilliam Malcolm
July’s confidence remains broadly unchanged compared to the previous month. The decline in confidence among entrepreneurs was offset by higher consumer confidence, but business confidence is the weakest in about the last six years.
Confidence among entrepreneurs declined further in July, reaching the lowest level since August 2014. The decline in July was mainly due to to a decline in confidence in construction and services. Some decline in the construction sector is not so bad, as confidence is close to its historically highest level this year, but confidence has declined in services for the fifth consecutive month and dropped to its weakest level in the past three years. Confidence in the industry remained unchanged in July, but it remains at the lowest level in almost six years.