UK retailers see sharp drop in sales and growing job losses, according to CBI

zA

In this news, we discuss the UK retailers see sharp drop in sales and growing job losses, according to CBI

.

LONDON (Reuters) – UK retail sales fell from the year to February, with stores cutting jobs at a rapid pace, with only supermarkets reporting growth in the latest COVID-19 lockdown, an investigation found on Thursday .

The Confederation of British Industry’s retail sales index stood at -45, up only slightly from January’s eight-month low of -50. The measure indicates lower sales and is lower than the consensus forecast of -38 in a Reuters poll of economists.

Retailers’ expectations for March – when non-essential stores will remain closed to the public as part of the lockdowns – fell to -62, the lowest since the series began in 1983.

Another sign of changing consumer habits during the lockdown, the survey’s internet retail sales gauge hit a new high.

“With the foreclosure measures still in place, trading conditions remain extremely difficult for retailers,” said Ben Jones, senior economist at CBI.

“Record growth in internet shopping suggests that retailers’ investments in online platforms and click-and-collect services may pay off, but the reopening of the industry cannot come soon enough to protect jobs and revive. The area.”

Job losses at retailers accelerated according to a quarterly survey question. For the distribution sector as a whole, which includes wholesalers and car dealerships, employment has fallen at a record pace, according to the CBI survey.

Reporting by Andy Bruce, editing by David Milliken

Original © Thomson Reuters

Disclaimer: If you need to update/edit/remove this news or article then please contact our support team Learn more

For Latest Updates Follow us on Google News

Read Next News
  • Show all
  • Trending
  • Most Viewed

Huawei CFO’s argument in U.S. extradition case one for politicians, Canada prosecutor says

According to source Huawei CFO’s argument in U.S. extradition case one for politicians, Canada prosecutor says so lets continue. ...

Sivaswami Performs Maha Yagam for Amaravati at Uddandarayunipalem | TV5 News

Sivaswami Performs Maha Yagam for Amaravati at Uddandarayunipalem | TV5 News TV5 News is Telugu Live news which gives 24 Hours Live News covering ...

Myanmar sees deadly clashes despite calls for calm – BBC News

Anti-coup protesters in Myanmar have been killed after troops opened fire. The security forces used live rounds on large crowds in Mandalay and ...

LIVE: Senate expected to begin voting on COVID-19 relief

Vote is expected to begin for coronavirus relief. Subscribe to Fox News! Watch more Fox News Video: Watch Fox ...News Highlights: LIVE: ...

New deal between Senate Democrats, Biden lowers eligibility for third round of

The Senate is expected to hold its first procedural vote on the third coronavirus relief bill, but there are new changes to who can receive a ...

Oil up nearly 5% on possible extension of Saudi output cuts

In this news, we discuss the Oil up nearly 5% on possible extension of Saudi output cuts. ...

Show next
Bollyinside - US Local News & Breaking News Stories
Logo
Compare items
  • Total (0)
Compare
0
Shopping cart