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

Future Retirement Success

Business

Economic output slumps to its lowest since first Covid lockdown

by November 21, 2022
November 21, 2022
Economic output slumps to its lowest since first Covid lockdown

Output across much of the economy has fallen to its lowest level since May 2020 as inflation weighs on demand, according to analysis by Lloyds Bank.

Twelve of the fourteen key sectors across manufacturing, services and construction experienced a drop in output in October, up from nine in September and the highest number to report contraction since the first lockdown. Soaring inflation was behind the decline, forcing businesses and consumers to cut back on spending to cope with rising costs, the data collated from purchasing managers’ indices showed.

The technology sector was a rare bright spot, with providers of software services reporting a rise in new orders. It was followed by the food and drink industry, which had the slowest fall in demand of any manufacturing sector.

Last week alongside the autumn statement the government’s independent financial forecaster the Office for Budget Responsibility gave a bleak assessment of the economy. It said that Britain was already in recession and it predicted that growth would shrink by 1.4 per cent next year. In 2024 it said that the economy would grow by only 1.3 per cent, a sharp downgrade from previous expectations.

Jeavon Lolay, head of economics and market insight at Lloyds Bank commercial banking, agreed that the UK economy may already be shrinking. “With both our domestic challenges and global headwinds unlikely to materially recede in the short term, the key question revolves around how long this downturn may last,” he said. “However, it is worth highlighting that there are sectors and pockets of the economy that continue to perform well.”

This economic downturn is unusual because it is coupled with record low levels of unemployment. For the three months to September the rate of those out of work stood at only 3.6 per cent.

The Lloyds Bank survey detected early signs, however, that this might be about to change. It found that employment had risen at the slowest rate in 20 months and the overall manufacturing sector had recorded its first drop in headcount since December 2020.

Read more:
Economic output slumps to its lowest since first Covid lockdown

0
FacebookTwitterGoogle +Pinterest
previous post
Who Funded FTX and Why? That Is One of the Key issues
next post
Facebook sued for collecting personal data to sell adverts

You may also like

Strategic Procurement Consulting: Maximizing Cost Savings and Efficiency

July 15, 2023

One in five businesses have been victims of...

December 7, 2023

Baroness Karren Brady CBE: Childcare is one of...

March 28, 2023

Keeping UK energy bills down over winter cost...

June 9, 2023

Wrightbus to build 1,000 zero-emission buses as part...

April 11, 2025

The Top 7 Ways to Travel Europe on...

July 29, 2022

Private sector growth flat in August as demand...

August 24, 2022

Aldi overtakes Morrisons as fourth largest supermarket

September 13, 2022

Canary Wharf introduces eels and songbirds to boost...

October 4, 2024

HMRC spends over £80m on ‘work from home’...

March 14, 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

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • 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