UK retailers cut jobs by most since 2009

UK retailers cut jobs by most since 2009

British retailers have cut the most jobs since the depths of the financial crisis and expect the pace of losses to accelerate, the Confederation of British Industry said, adding to warning signs of an expected sharp rise in unemployment, Trend reports with reference to Reuters.

Tuesday’s data also showed an unexpected drop in sales this month, which contrasted with a recent pick-up in demand by consumers after the coronavirus lockdown was lifted.

“Trading conditions for the retail sector remain tough,” CBI economist Alpesh Paleja said.

“...Firms will be wary of deteriorating household incomes and the risk of further local lockdowns potentially hitting them in the pocket for a second time.”

Well-known British retailers Marks & Spencer, Debenhams and WH Smith have announced job losses in recent weeks, reflecting a shift in demand to online sales during the pandemic.

Tesco, Britain’s biggest supermarket, said on Monday it would create 16,000 permanent roles to meet a surge in home deliveries.

Quarterly CBI figures showed the employment balance - which measures job changes over the past 12 months - sank to -45 in August from -20 in May, reaching its lowest since February 2009. A deeper fall is expected later this year.

The drop in the monthly retail sales balance was unexpected, falling to -6 in August from July’s 15-month high of +4 and below all forecasts in a Reuters poll of economists.

Figures last week showed the volume of retail sales rose above pre-pandemic levels in July.

Howard Archer, an economist with forecasters EY Item Club, said he still thought consumer spending was headed for a substantial rebound in the third quarter.

“However, the weaker-than-expected August CBI survey is a reminder that there is considerable uncertainty as to just how willing and able consumers will be to spend beyond the third quarter,” he said. “Indeed, persistent consumer caution is seen as a significant risk that could limit the UK recovery.”

Retailers in the CBI survey said spending in August was 27% below normal compared with a 79% shortfall in June - a disparity not shown in other figures, which may reflect how social distancing requirements have had a much bigger impact on some sectors - such as high street clothing retailers - than others.

The CBI survey was based on responses from 63 retail chains collected between July 28 and Aug. 14.

Subscribe to Trend in Google News! Subscribe
Manual counting of 29% of protocols show that 7 parties may enter Kyrgyz Parliament
Manual counting of 29% of protocols show that 7 parties may enter Kyrgyz Parliament
Uzbekistan, Kyrgyzstan discuss creation of trade-logistics complexes in border areas
Uzbekistan, Kyrgyzstan discuss creation of trade-logistics complexes in border areas
No emergencies recorded during parliamentary elections: Kyrgyz ministry
No emergencies recorded during parliamentary elections: Kyrgyz ministry
Loading Bars
Latest
Georgia to receive special PCR tests to detect new Omicron variant of coronavirus
Qatar Airways to launch flights to Uzbekistan from Jan 17, 2022
Iran military clashes with armed men on Afghan border
Armenia found itself in complete military-political isolation even within CSTO - Russian military expert
Net foreign assets in Azerbaijan grow for 10M2021
New geopolitical situation in region opens way for Azerbaijan’s further development - ambassador
Ambassador of Kazakhstan expresses condolences to Azerbaijan due to helicopter crash
Azerbaijan working on reconstruction railway line which is part of Zangazur corridor (PHOTO)
SOCAR’s STAR refinery tests numerous types of crude oil
Azerbaijan considering sending medical workers of Baku clinics to district hospitals
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 1,795 more COVID-19 cases, 1,967 recoveries
Azerbaijani National Depository Center opens tender to buy new generation security system
Georgia boosts honey exports
Solar PV growth to surpass wind in EU in 2021-2026
Servicemen injured in Azerbaijani helicopter crash talk about incident (PHOTO/VIDEO)
Turkmen company exports paper products to Uzbekistan, Turkey
Iranian companies express readiness to restore factories in Syria - minister
Azerbaijani, Armenian FMs to meet in Sweden
President Ilham Aliyev receives EU Special Representative for South Caucasus (PHOTO)
US Marshall Legacy Institute sends eight more mine detection dogs to Azerbaijan (PHOTO)
Iran’s Bahar Azadi gold coin price rebounds
Azerbaijani agency shares data for mine detection, clearing work in liberated territories
Central Bank of Azerbaijan opens tender to insure fixed assets
Azerbaijan’s 10M2021 oil exports to Spain revealed
Uzbek Statistics Committee shares data on volume of retail trade turnover
Georgian medics advise reconsidering COVID-19 passports issuance
Overview of Uzbekistan's volume of wholesale trade turnover dynamics between 2010-2020
Price indexes of construction, trade sectors at Uzbek stock exchange fall
Georgia, IMF discuss new co-op program
Prices for goods and services in consumer market of Uzbekistan rise
Turkey’s diesel fuel exports to Georgia down
Georgia, NATO discuss further co-op and Black Sea security
Iran bans import of musical instruments due to lack of foreign exchange resources
Turkmen ministry prolongs tender for supply of metal blanks
IRENEX shares data on sales of Tabriz Oil Refining Company
Activities in Iran’s Imam Khomeini port down
Star Refinery satisfies about quarter of Turkey's refined petroleum product needs - CEO
Kazakhstan’s oil and gas company opens tender to supply fittings
Mobile phones rank first in Iran’s total imports - IRICA
Turkmenistan’s education ministry extends tender for setting drip irrigation system
Oil minister tells president, parliament that Iran's oil exports 'significantly grow'
Azerbaijan, Pakistan talk prospects for development of military co-op (PHOTO)
Azerbaijan's SOCAR Polymer exports increase over 10M2021
Iran unveils volume of dates export
Iran’s CBI reveals data on balance of bank loans
EU to exceed current renewable capacity plans for 2030
Azerbaijan reveals oil exports to Italy in 10M2021
Azerbaijan shares data on oil export to Croatia in 10M2021
Baku Metro provides ‘November 8’ station with backup power supply (Exclusive) (PHOTO)
Renewable electricity generation to exceed average annual growth rate of 2015-2020
Expansion of bioenergy for power capacity to slow down
Renewable energy capacity to expand by 2026, says IEA
Azerbaijan talks ongoing work to provide electricity to liberated Lachin district
Special representative of Azerbaijan's President in liberated territories within Karabakh economic region appointed
German Ambassador expresses condolences to Azerbaijan over deadly helicopter crash
Iran, Syria sign four cooperation agreements
Iran to invest in Syrian industrial towns
Austria extends COVID-19 lockdown by 10 days
Branch of Azerbaijan’s Balakhani Operating Company opens tender to buy pipes, pumps
Baku electric company opens tender to buy materials for lamp posts repair
Organization of social zone of Aghdam Industrial Park completes in Azerbaijan – minister
Deputy Prime Ministers of Azerbaijan, Armenia and Russia to meet in Moscow today
Azerbaijan’s Azerishig opens tender for reconstruction of substation in Sumgayit
Kazakhstan increases trade with India over 9M2021
Nar continues to grow IT professionals (PHOTO)
India provides medical, humanitarian aid to over 150 countries to deal with COVID-19: MEA
Georgia receives COVID-19 support grant from German Development Bank
Turkey-Azerbaijan trade turnover grows in October 2021
Kazakhstan reports increase in maritime transport volumes
SOCAR Petroleum to open new petrol station in Azerbaijan’s Gubadli district
SOCAR Georgia Gas increases gas tariffs
Iran reveals COVID-19 data for December 1
Azerbaijan discloses data on oil exports to Israel
Georgian cities receive EU grant for cultural development
Saudi Arabia reports first Omicron case coming from north Africa
Georgian FM expresses condolences for lives lost in crash of military helicopter
PMO records increase in cargo movements in Iranian ports
Turkey’s BOTAS increases gas imports
Hungary launches Stipendium Hungaricum scholarship programm
Russia working out celebration program for 30th anniversary of ties with Azerbaijan - MFA
Burial ceremony of Azerbaijani helicopter crash victims held in second Alley of Martyrs (PHOTO/VIDEO)
Georgian Embassy expresses condolences to Azerbaijan on helicopter crash
Iran to prepare budget bill with highest economic growth estimates - President Raisi
Construction and installation work under completion at Azerbaijan’s Khojasan metro station (PHOTO)
Dynamics of OPEC+ production in 2021-2023
Share of Iranian government in earnings from crude oil exports to decrease – Official
Some try to use helicopter crash for political purposes - Azerbaijan's prosecutor general (PHOTO)
Azerbaijan lost comrades - head of Azerbaijani State Border Service on helicopter crash
Azerbaijan sees increase in local payments of foreigners via bank cards
Azerishig OJSC reveals work done to supply power to Azerbaijan’ Kalbajar
Russian Moscow Exchange and Uzbek Toshkent Stock Exchange sign co-op agreement
Turkey increases volume of crude oil import for 10M2021
Turkey shares data on marine fuel exports to Georgia
Volume of industrial production in Uzbekistan increases - Bluestone Investment Bank
Uzbekistan eyes to construct new hydroelectric power plants
Azerbaijan increases cars import over 10M2021
Turkmenistan discloses amount of products sold via local commodity exchange
Iran sees increase in value of trade turnover via Mazandaran Province customs
Turkmenistan’s State Concern open tender for fertilizer plant construction
All news