Last week, I wrote about how the UK’s GDP had fallen off a cliff but there’s no need to panic just yet because it will rebound quickly once lockdown eases.
The first signs of that happening are already being reported by the ONS.
Retail sales in May increased by 12% compared to April – though it’s still down compared to February. The increase is largely buoyed by non-food purchases, and in particular, “household goods”. In other words, DIY has been British economy’s saving grace.
This uplift has also had a positive impact on the jobs market. The ONS said: “Between 5 June and 12 June 2020, online job adverts in wholesale and retail increased from 24.1% to 35.1% of their 2019 average.”
Clearly it’s still low, but it’s on the way up. And with more shops opening this month and restaurants slated to open next month, things should ramp up quite quickly.