Revenue across the business was up 3.9 per cent on the previous year, stripping out exchange rate moves, to $51.2bn. The increase represented the weakest growth in 14 years and reflects the challenges facing the firm, whose clients have been curtailing consulting projects and putting pressure on fees.

The largest retail trade group in the United States says it expects consumers to spend more during the upcoming holiday season but the growth in sales to be slower than last year due to concerns over

The National Retail Federation anticipates up to $990 billion in holiday sales despite inflation-wary consumers.