Image: Liam McBurney Image: Liam McBurney ECONOMIC CONFIDENCE REGRESSED in August after improving in the early summer, according to the latest industry and consumer surveys.
The results of the poll are then totted up to arrive at a score between 0 and 100, where above 50 means activity has increased, below it means activity has contracted and a reading of 50 means it stayed the same. “The details of the August survey point to considerable caution in the sector amid much uncertainty about the economic outlook. Output continued to grow at a strong pace as more markets reopen, though not as rapidly as in July.
The index, a composite of various business and consumer surveys conducted by the bank, was down 2.5 points from July to 59.3 in August, suggesting a stall in the rate of recovery.