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

UK wage growth slows to two-year low amid...

July 18, 2024

Tech Nation lines up potential buyers for assets...

February 13, 2023

Squeeze on household incomes to intensify as tough...

December 29, 2022

Joe Biden to tell Liz Truss the UK...

September 21, 2022

Labour Could Cancel Train Contracts Early if Elected

May 25, 2024

Mike Ashley’s Frasers Group in talks with Shein...

September 18, 2023

OpenAI challenges Google’s search engine dominance with launch...

July 26, 2024

Amazon unveils ‘leap forward’ in robotics with Vulcan,...

May 7, 2025

Government-backed train ticket website set to shake up...

January 23, 2025

Want to know how to change an entire...

October 2, 2023

    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

    • Trump and Rubio secure Rwanda-Congo peace treaty amid Pakistan’s Nobel Prize nomination

      June 21, 2025
    • State Department says it has provided guidance to more than 25,000 people in Israel, West Bank and Iran

      June 21, 2025
    • Several provisions fail to pass muster with Senate rules in ‘big, beautiful bill’

      June 21, 2025
    • ‘She’s wrong’: Trump says Tulsi Gabbard incorrect about Iran not having nuclear weapon capabilities

      June 20, 2025
    • WATCH: Dem senators blame Trump for Iran crisis as GOP urges him to stand firm with Israel

      June 20, 2025
    • European diplomats urge Iran to continue US nuclear talks in first face-to-face since strikes started

      June 20, 2025

    Categories

    • Business (8,275)
    • Investing (2,057)
    • Politics (15,724)
    • Stocks (3,158)
    • 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