In Focus Commercial Credit Producers of Chemicals (66), Automobiles
and Auto Parts (64) and Machinery & Equipment (57) all benefited from the same demand trends. Technology Equipment (39) makers
were the only manufacturing outlier. The sub-sector reported falling output in July, with firms citing ongoing supply chain challenges created by Covid-19, rising air freight costs and US-China trade tensions as contributing factors. The picture for the UK services industry
was more nuanced. Financial Services (63) and Software Services (59) output rose during July, with the latter benefiting from increased demand for digital services during the pandemic. However, the output of sectors that rely
more heavily on in-person interaction, such as Tourism and Recreation (45), continued to fall, albeit with the rate of decline slowing for the third successive month.
Employment and jobs The proportion of firms that mentioned ‘redundancies’ when reporting on their staffing trends is now level with those that mention ‘furloughing’ staff. In July, 23% mentioned them in each case. Notably, the proportion of survey
respondents that mention ‘recalling or rehiring staff’ has increased every month since April, with 14% mentioning this in July, up from 1% in April. Covid-19 has brought about a period of
concentrated disruption unlike anything we have seen before. Now, as lockdown measures around the world begin to ease, we can better explore the potential shape and pace of the UK’s recovery from the historic lows recorded last quarter. Our Recovery Tracker provides a monthly
analysis of how UK firms are faring in a global context – and takes a deep dive into the key factors underpinning momentum behind the economic recovery. Our debut edition paints an encouraging
early picture for a number of domestic industries, although the major caveat is that output is rising from an extremely low base, and the risk of further local lockdowns is very real. Future editions will give a clearer direction of travel for the UK economy, as Covid-19 restrictions evolve and demand profiles change. CCR
September 2020
www.CCRMagazine.com 19
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52