Economic Buzz: UK Private Sector Grows At Weakest Pace Since Late 2016

The UK private sector output grew at the weakest pace since late 2016, the growth indicator from the Confederation of British Industry showed Monday. The balance of firms reporting a rise in output came in at +3% in three months to April, the weakest growth since September 2016, down from +8 percent in the three months to March. The pace of growth is expected to pick-up over the three months to July, to +13 percent, underpinned by an acceleration in growth across the board. During this year and next, the CBI expects conditions to remain challenging for consumer-facing companies and retailers, as elevated inflation and slow wage growth continue to squeeze household budgets.