The number of UK sectors experiencing falling output was at its highest level in 29 months in October, as demand for goods and services decreased.
The latest Bank of Scotland UK Sector Tracker revealed that last month 12 out of 14 sectors recorded a contraction in output, up from nine in September and the highest number since May 2020; when the UK was first in lockdown.
Output contraction was caused by falling demand, with 13 of the 14 sectors recording a decrease in new orders in October, up from nine in September, as rising inflation caused more businesses and consumers to rein in spending and investment.
