UK Retail Employment Continues to Decline

  • 85,000 retail jobs lost in the last year
  • 15 consecutive quarters of decline in retail workforce
  • Full-time employment decreased by 4.5% while part-time increased by 1.5%
  • Total hours fell by 2.6%, with full-time hours seeing a greater reduction at 3.2% than part-time (2.0%)
  • 62% of retailers plan to increase staff in the coming quarter, compared to 21% reducing employment last year
  • BRC calls for government policies to support innovation and training in the industry

The UK retail industry has seen a decline in employment for the 15th consecutive quarter, with a 2.8% drop in Q3, equating to around 85,000 jobs lost over the past year. Full-time positions decreased by 4.5%, while part-time roles fell by 1.5%. Total hours worked also dropped by 2.6%, with full-time hours seeing a steeper decline of 3.2% compared to part-time hours at 2.0%. The British Retail Consortium (BRC) noted a ‘slight acceleration’ in the fall, with Q2 seeing a 2.3% drop in employees and total hours falling by 2.5%. Despite the challenges, 62% of retailers plan to increase staff in the coming quarter, compared to only 43% last year. No companies intend to reduce employment levels. The BRC urges government action to support innovation and training through reforms like fixing the business rates system and apprenticeship levy.

Factuality Level: 8
Factuality Justification: The article provides accurate information from a reliable source (British Retail Consortium) and presents objective data on retail employment trends in the UK. It also includes relevant quotes from Helen Dickinson, the chief executive of BRC, which adds credibility to the report. The only potential issue is that it may be seen as slightly biased towards the retail industry’s perspective, but overall, it is a factual and informative piece.
Noise Level: 3
Noise Justification: The article provides relevant information about the decline in retail employment and offers insights from the British Retail Consortium. It also includes a call to action for government policy changes to support the industry. However, it lacks in-depth analysis or exploration of long-term trends or consequences.
Financial Relevance: Yes
Financial Markets Impacted: UK retail sector
Financial Rating Justification: The article discusses the decline in employment and hours in the UK retail industry, which can impact companies’ financial performance and potentially affect consumer spending, thus influencing financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article, and the situation described is a gradual decline in retail employment over time due to various factors such as weak consumer demand and Brexit uncertainty.

Reported publicly: www.retailsector.co.uk