LONDON - British retailers have cut the most jobs since the depths of the financial crisis and expect the pace of losses to accelerate, the Confederation of British Industry said, adding to warning signs of an expected sharp rise in unemployment.
"Trading conditions for the retail sector remain tough," CBI economist Alpesh Paleja said."Firms will be wary of deteriorating household incomes and the risk of further local lockdowns potentially hitting them in the pocket for a second time." Tesco, Britain's biggest supermarket, said on Monday it would create 16,000 permanent roles to meet a surge in home deliveries.
A deeper fall is expected later this year. The drop in the monthly retail sales balance was unexpected, falling to -6 in August from July's 15-month high of +4 and below all forecasts in a Reuters poll of economists. Figures last week showed the volume of retail sales rose above pre-pandemic levels in July.
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