Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Leisure and tourism suffer ‘sharpest fall in output’

by October 20, 2022
October 20, 2022
Leisure and tourism suffer ‘sharpest fall in output’

Tourism and recreation businesses suffered their sharpest fall in output in September as cash-strapped consumers tightened their belts.

Output in the sector, which includes pubs, hotels, restaurants and leisure facilities, contracted by a measure of 36.3, the fastest pace since February last year, when Britain was last in lockdown, according to the latest monthly Lloyds Bank UK sector tracker. The metals and mining sector reported the second largest contraction in output, falling from a level of 57.4 to 38.2.

The drop was caused by demand — represented by new orders — falling for a fourth consecutive month at a measure of 38.5 as people reined in discretionary spending amid rising inflation.

Business briefing: In-depth analysis and comment on the latest financial and economic news from our award-winning Business teams. One-click sign-up
The Lloyds Bank report charts the trajectory of the economy and its key sectors. Readings above 50 indicate an increase compared with the previous month, while those below 50 refer to a month-on-month contraction. The report also showed that input cost inflation for businesses had intensified in September for the first time since May.

A record number of manufacturing companies reported that their cost inflation had been driven primarily by rising energy prices, surpassing the previous peak during the 2008 oil price bubble. While rising energy prices have hammered firms, the tracker registered a slowdown in the pace of cost inflation in the third quarter compared with the previous one because of falling shipping costs and lower wage pressures.

Slightly less than half the sectors recorded by the tracker, five out of fourteen, recorded growth in output and new orders.

Jeavon Lolay, at Lloyds Bank corporate and institutional banking, said: “While we expect UK inflation to remain stubbornly high in the coming months, there are clear signs of an easing in pipeline cost pressures.”

Read more:
Leisure and tourism suffer ‘sharpest fall in output’

0
FacebookTwitterGoogle +Pinterest
previous post
Mural at Michigan Middle School Sparks Outrage Over Transgender Flag and Demon Face
next post
Liz Truss resigns as prime minister

You may also like

Guide to safe and ethical use of facial...

April 11, 2024

Putting on a brave face: Why marketers have...

April 16, 2024

The Ethics of Video Redaction: Balancing Privacy and...

May 24, 2024

An Analysis of the Top Performing UK Betting...

March 3, 2025

Investor Pullback in the Fitness Sector: Xponential’s Geisler...

March 14, 2025

Edtech platform Zick Learn secures £430k funding to...

August 3, 2023

Rachel Reeves set to slash spending and sell...

July 29, 2024

Female founder numbers rise 45% in a decade,...

May 15, 2025

Financial wellbeing startup Mintago closes $4.75m funding round

September 26, 2023

Embracing the pivot: a growing trend on the...

March 29, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • TSA tells Americans their Costco cards won’t fly at airport security despite love for hot dogs

      June 7, 2025
    • Trump announces China will restart rare earth mineral shipments to US after productive call

      June 7, 2025
    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,558)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved