Not all jobs can be saved, but a sudden crunch of layoffs would have multiplying effects
Tesco’s plan this week to create 16,000 jobs was a reminder that not every retail employer is shrinking its workforce, but the broader picture is unmistakable. Job cuts in the sector are happening at the fastest rate since 2009, according to the CBI’s monthly survey of “distributive trades”, and worse is expected in September.
In one small respect, the CBI’s finding is surprising. For all the sound and fury, the retail sector had a half-decent end to the summer. Retail sales rose above pre-pandemic levels in July, according to last week’s data from the Office for National Statistics, as pent-up demand was released with the end of lockdown. August’s numbers may also be reasonable since some of the “eat out to help out” punters will have visited a shop or two on their way to the restaurant.
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