Firms across Yorkshire and Humber reported falling confidence across August, new research shows.
Overall sentiment was down 13 points to 32%, well below the national position of 54%. According to the Business Barometer from Lloyds, researchers found firms had lower confidence in their own prospects month-on-month, down four points to 50%.
Meanwhile optimism in the wider economy was down 22 points to 14%. Over the next six months, firms identified their top focuses for growth, including investing in their teams (39%), introducing new technology including artificial intelligence and automation (32%) and evolving their offering, including through the launch of new products and services (28%).
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The findings - covering the first part of the month - show Yorkshire and Humber businesses' confidence was behind regional peers in the North East (55%) and the East of England (64%). Optimism was highest in London at 69%.
Sector-based analysis showed manufacturers and retailers both saw confidence upticks during the period, to 62% and 57% respectively. However construction firms suffered a five point fall to 40%, which represented a four-month low. Confidence in the service sector also fell, by eight points, to 53%.
Martyn Kendrick, regional director for Yorkshire and the Humber at Lloyds, said: "While confidence in the region has fallen this month, Yorkshire businesses continue to demonstrate their characteristic resilience and determination to grow. We'll continue to provide our on-the-ground support to help local businesses achieve their plans."
This week, a separate survey from the Confederation of British Industry (CBI), focused on the service sector, showed "pockets of resilience" but a "grim picture" overall. It pointed to rising employment costs and weak demand with headcounts, investments and profits all shrinking as firms concentrated on "short term fire-fighting".
Hann-Ju Ho, senior economist at Lloyds Commercial Banking, said: “This continued upward trend in business confidence suggests 海角视频 firms remain optimistic about their own trading prospects while there is a modest cooling of confidence in the wider 海角视频 economy. Firms are focusing on what they can control, with many looking to pursue growth opportunities, including entering new markets and adopting new technologies.
"Wage expectations have seen a notable shift this month, but it remains to be seen whether this signals the start of a sustained trend or a temporary uplift, as they have been broadly stable in recent months."