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

ChatGPT Suspends Scarlett Johansson-Like Voice Amid Actor’s Outcry

May 21, 2024

Next CEO Lord Wolfson says planning rules are...

December 7, 2023

Carney sets his sights on leadership as Canada...

January 17, 2025

Soaring inflation ‘as bad as Covid’ for hospitality...

January 20, 2023

Price of medium sized eggs rising fastest

December 27, 2022

Exons Group Review: The Most Important Online Trading...

October 19, 2024

Secrets of Success: Ben Snowman, VP of Partnerships...

February 11, 2024

Jaguar land rover sees profits dip by 17%...

January 29, 2025

New chair at Small Business Charter as Byron...

January 17, 2025

Fraud on the rise as cost of living...

August 5, 2022

    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

    • 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
    • From Tariffs to Tech: Where Smart Money’s Moving Right Now

      June 6, 2025
    • Your Weekly Stock Market Snapshot: What It Means for Your Investments

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,556)
    • 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