British Retailers Cut Jobs at Highest Level Since 2009

The Confederation of British Industries said that British retailers have cut the most jobs since the financial crisis and that it expects job losses to accelerate, adding to warning signs of an expected sharp rise in unemployment.

Tuesday’s data also showed an unexpected drop in sales this month, which contrasts with the recent rise in demand from consumers after the end of the general isolation measures imposed to confront the Coronavirus.

The quarterly figures released by the union showed that the employment balance, which measures changes in jobs over the months of a previous year, fell to -45 in August from -20 in May, reaching its lowest level since February 2009. A further decline is expected. Later this year.

The drop in the monthly retail sales balance was unexpected, falling to -6 in August from 4, the highest level in 15 months in July, and short of all expectations in a Reuters poll.