Propel Morning Briefing

CBI – bars and restaurants see biggest rise in volumes since 2007

Business activity in the service sector improved over the three months to May and optimism rose, according to the CBI’s quarterly Service Sector Survey.

Although business and professional services saw weaker growth than expected, consumer services experienced a sharp turnaround in business volumes.

The business and professional service sector, which includes accountancy, legal and marketing firms, saw activity staying broadly flat over the quarter.

But while overall profitability fell, optimism regarding the business situation rose at its fastest rate since February 2010, as expectations for the next quarter are somewhat brighter.

In contrast, consumer services, such as hotels, bars, restaurants and the travel and leisure industries, saw business volumes rise at their fastest pace since August 2007.

 

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