West Midlands business confidence falls back according to report

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Business confidence in the West Midlands fell 19 points during June to 37 per cent, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Companies in the West Midlands reported lower confidence in their own business prospects month-on-month, down 22 points at 36 per cent. When taken alongside their optimism in the economy, down 15 points to 39 per cent, this gives a headline confidence reading of 37 per cent .

The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.However, this was consistent with levels seen during Q1 2024, before the sharp rise in May, and remained above the long-term average . Results across the sectors were mixed in June as three of the four sectors saw a decline in trading prospects. Construction fell 16 points to 42 per cent and there were other notable decreases in retail and services . Manufacturing however, bucked this trend, increasing by two points to 51 per cent.

“We will continue to be by the side of businesses right across the region as they continue to increase their resilience and invest for the future.”

 

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