Following a dip in September, business confidence grew in October along with a rise in hiring intentions.
Confidence and hiring intentions strengthen
This latest uplift in business confidence was reported across several regions and sectors and increased by eight points to 50%.
The Lloyds Business Barometer also found that confidence in businesses’ own trading prospects increased by 11 points to 62%.
Economic optimism improved for the first time in three months, up six points to 39%.
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This has led to a drive in hiring intentions for the next 12 months – 60% of all businesses surveyed say they plan to hire more workers over the next year, which was up from 55% in September.
Just 12% say they expect to reduce their employee numbers, down from 17% compared to the previous month.
Sectors with the most confidence
The sectors reporting the most confidence include:
- Manufacturing – increasing by 31 points to 62%.
- Retail – increasing by 13 points to 53%.
- Construction – increasing by 23 points to 58% and the first gain in confidence in five months.
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