Survey Reports A Further Fall In New Orders For Businesses

Business confidence in Northern Ireland is at a seriously low level at this moment in time, with a recent survey reporting that there has been a further fall in new orders last month. This is actually the 6th month in a row that the amount of new orders has fallen. All regions of the UK are being hit by falling orders, but Northern Ireland is being particularly hit hard, reporting the biggest drop in October of all the 12 regions.

There is a bit more positive news in that firms seem to be still building up their workforces and recruiting, in order to get back to the levels they were at before the pandemic hit our shores back in 2020.

All 4 Sectors Increased Their Staffing Levels In October

The survey was compiled by the Ulster Bank, and speaking about the findings in an article on the BBC News website, Ulster Bank Chief Economist Richard Ramsey said:

“Despite falling demand, all four sectors – manufacturing, services, retail and construction – increased their staffing levels in October.

“Firms suggest that this pick-up in hiring is linked to long-standing recruitment difficulties and rebuilding workforces following the pandemic.”

No Surprise That Business Confidence Is At Such A Low Ebb

He went on to say that:

“Given the evolving ‘cost of everything’ crisis, it is not surprising that business confidence sank to a 26-month low.

“All four sectors anticipate lower levels of activity in 12 months’ time. Sentiment is not likely to improve anytime soon, with this week’s Autumn Statement expected to yield more fiscal pain rather than comfort.”

More fiscal pain rather than comfort indeed. The Chancellor of the Exchequer, Jeremy Hunt, has been very downbeat every time he has spoken to the media in the last few weeks about what lies in store for both consumers and businesses alike, so we are not expecting any early Christmas presents when he unveils his Autumn statement. The double whammy of an increase in taxes and a squeeze on public spending is going to be a real blow, as the Chancellor tries to get to grips with double digit inflation figures. There is not expected to be any sign of a return to something resembling normality within the next 12 months, so I think we need to be extremely careful with our outgoings if we are going to survive this cost of living and cost of doing business crisis.