country. and yet, your report is not good news for the night time industries. what does it say about the damage that has been done and the struggle is being phased? well, as ou struggle is being phased? well, as you can struggle is being phased? well, as you can appreciate, - struggle is being phased? well, as you can appreciate, it - struggle is being phased? well, as you can appreciate, it has - as you can appreciate, it has been covered quite widely across the hospitality and night time economy businesses, but in simple terms, the pandemic appears to have set back the economic contribution of many of these vital businesses to uk plc by about seven years. and the businesses most affected, particularly the pandemic, and now we are facing cost inflation, have been those cultural businesses across high street and across the country, as well as independent businesses across the sector, that seem to be the most vulnerable and continue to be challenged in the current trading environment.
from this really dangerous combination of unprecedented cost inflation and sluggish consumer demand. in amazon because my case it has been exacerbated by the fact that during the pandemic, they over hired and over expanded, in order to keep up with that huge but as we now know a temporary surge in demand for online shopping and cloud computing and now there has been this huge recalibration, a huge reset amongst consumers where we are no longer confined to our homes and what we are seeing is that shoppers are abandoning e commerce, returning to stores, looking for value, returning to stores, looking forvalue, notjust returning to stores, looking for value, notjust a convenience, and they are delaying there discretionary buys. none of this bodes well for amazon, buys. none of this bodes well foramazon, it buys. none of this bodes well for amazon, it is very much reflected in the figures we see today. reflected in the figures we see toda . , today. one thing they were rel in: today. one t
will: mass layoffs across the country are going beyond big tech the. hasbro, the toymaker, is cutting its work force by 1,000 employees. meanwhile, bed bath & beyond is closing an additional 87 stores because it can no longer service its debt. even cvs and walmart are cutting pharmacy hours because of labor shortage, so what on earth is going on in the american work force in let s turn to former walmart president and ceo bill simon. bill, you look at these layoffs happening now across the country, what s your big takeaway about what it means for all of us and the economy at large? yeah, i mean, it s crazy. right now we re stuck in this loop of, you know, wage inflation, product if inflation, cost inflation, and it s just that cycle keeps going. and i think, unfortunately, an
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 57.8, up from 55.7 in November, aided by robust inflows of new business.
sectors to avoid a huge swathe of businesses going into insolvency in january. joining me now is michael kill, ceo, night time industries association. welcome to you. i am not sure if you have been up all night what you ve just got up early for the tell us how the night time industries have been affected stopping because you would think now the first clear christmas since covid it would be booming. christmas since covid it would be booming- be booming. as you quite rithtl be booming. as you quite rightly said. be booming. as you quite rightly said, this - be booming. as you quite rightly said, this is - be booming. as you quite rightly said, this is the i be booming. as you quite l rightly said, this is the third year and the year that we felt we had some freedom to trade, but that has not been the case. we ve seen the escalation of cost inflation throughout the year with energy prices and overarching costs going up about 30 sent across the board. and we are also seeing cost inflat