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Travel sector records fastest output decline in July
Inflationary pressures continued to impact spending on goods and services
The transport sector, airlines and rail operators, saw the sharpest fall in spending activity, due to air travel disruption and rail strikes, according to the latest Lloyds Bank UK Sector Tracker report.
It also impacted tourism and recreation, with the second highest decline in July, due to an ‘unwinding of post-pandemic pent-up demand and increases in the cost of living,’ it said.
Nine of 14 sectors monitored saw output decline.
“Inflation is currently dampening activity and demand across the economy. This includes a consumer-led slowdown reflecting the fall in real incomes,” Jeavon Lolay, head of economics and market insight at Lloyds Bank corporate and institutional banking, said.
However, nearly all sectors reported a slower rise in input prices in July.
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