Output also fell faster than expected over the last four months. Firms expect this decline to continue but at a much slower pace over the next four months. Employment during the last four months fell at the fastest rate for seven years. Forty one per cent employed fewer people while 12 per cent employed more people. The balance of minus 29 per cent compares with minus 26 per cent in January.
Firms expect more jobs to go over the next four months, but at a slower rate.
Thirty per cent said employment will fall while 12 per cent said it would rise. The balance of minus 18 per cent compares with minus 25 per cent in January. Prices fell significantly over the past four months, with domestic prices declining at the fastest rate on record. Firms expect the decline to continue at a slower rate over the next four months. Plans to investment in plant and machinery deteriorated further with spending set to fall over the next year.