UK re­tail­ers cut jobs by most since 2009: CBI

The Pak Banker - - MARKETS / SPORTS -

Bri­tish re­tail­ers cut jobs by the largest amount since the depths of the fi­nan­cial cri­sis dur­ing the year to Au­gust and ex­pect the pace of losses to ac­cel­er­ate, the Con­fed­er­a­tion of Bri­tish In­dus­try said.

The CBI data also showed an un­ex­pected drop in its monthly re­tail sales bal­ance, which fell to -6 in Au­gust from July's 15month high of +4. This was be­low all fore­casts in a Reuters poll of economists, which had pre­dicted a strength­en­ing to +8.

The down­beat tone of the CBI data con­trasts with most other in­di­ca­tors, in­clud­ing of­fi­cial fig­ures which showed the vol­ume of re­tail sales rose above pre-pan­demic lev­els in July.

How­ever, economists have warned that they ex­pect sen­ti­ment to de­te­ri­o­rate as job losses mount and a gov­ern­ment job sup­port scheme ends in Oc­to­ber.

"Trad­ing con­di­tions for the re­tail sec­tor re­main tough, even against the back­drop of busi­ness slowly re­turn­ing.

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