The Office for National Statistics conducts a bi-weekly Business Insights and Conditions Survey (BICS). The latest voluntary responses provided the following insights.

Worker Shortages Decreasing

21% of businesses with 10 or more employees are currently experiencing worker shortages. This is a decrease from May 2023, when 28% of businesses reported shortages.

Increase in Sales

21% of businesses reported a decrease in turnover in April 2024 compared to March 2024, a similar proportion to the previous month. Conversely, 19% of businesses reported an increase in turnover, up from 16% last month. This suggests that there is more sales activity, in line with the recent exit from recession.

This optimism is reflected in future expectations, as 18% of businesses expect a drop in turnover in June 2024, down from 22% in May 2024. Additionally, 59% of businesses expect their turnover to remain stable, compared to 56% last month.

Impact of National Living Wage Increases

13% of businesses reported that the price of their goods or services increased in April 2024 compared to March 2024, up from 9% last month. This is the highest proportion since June 2023, with many businesses noting difficulties in absorbing the cost of the National Living Wage increase.

For a detailed review, visit: [ONS Business Insights and Impact on the UK Economy, 23 May 2024](https://www.ons.gov.uk/businessindustryandtrade/business/businessservices/bulletins/businessinsightsandimpactontheukeconomy/23may2024).