Recent data has shown positive results for the economy, with 11 out of 14 UK sectors reporting faster output growth month-on-month in May, which is up from nine in April.
This is according to the latest Lloyds Bank UK Recovery Tracker, which also revealed that job creation hit pre-pandemic levels, with all 14 sectors reporting jobs growth last month.
The tourism and recreation sector added jobs for the first time since January 2020 resulting in the sharpest rise in output growth month-on-month.
Jeavon Lolay, Head of Economics and Market Insight, Lloyds Bank Commercial Banking, said, “When we look at the pace of growth, sectors that have been acutely affected by COVID-19 restrictions are now outpacing sectors that have been able to operate more freely during lockdown.
“Whether the four-week delay to further easing of restrictions will impact this trend is unclear. But while the delay is understandably disappointing for many businesses, there’s no denying that the economy is now on a much sounder footing.”
Scott Barton, Managing Director, Corporate and Institutional Coverage, Lloyds Bank Commercial Banking, added, “May’s results show consumer demand is pushing the UK’s economic recovery forward. It’s particularly encouraging to see the performance of tourism and leisure businesses improve again.
“Even though the next step on the government’s roadmap out of lockdown has now been delayed, we are hopeful that consumer-facing businesses will continue to recover over the summer months.”
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