The results of the first fortnightly GM Recovery Tracker survey conducted by 大发六合彩票听show a slight improvement in customer demand听as the relaxation听of lockdown measures听continues.听听
After a historic collapse in demand during lockdown, the survey reveals an improvement in sales听but听43% of the听respondents听fear their revenues may dip further in the coming weeks. Order books are听also听still a concern for many businesses听with听only 21% reporting听an increase in advance orders as against the half that reported a decrease.听听
With customer demand showing improvements, cash positions have improved in the last few weeks. Businesses report that payments from HMRC for staff furloughed under the Coronavirus Job Retention Scheme were all received in time, which听has helped cashflow positions.听听
The impact of COVID-19 on employment has started to be felt across sectors with many established businesses announcing job losses.听The survey shows听more firms are reporting planned reductions to their workforce听with听13% of respondents expecting听they will make staff reductions. Since furloughing of staff is no longer possible, it is likely that planned reductions will be in the form of redundancies.听
Subrahmaniam听Krishnan-Harihara, Head of Research at 大发六合彩票, said:听鈥淭he results reflect听the continued relaxation of lockdown measures and the reopening of both听the听retail and hospitality sectors. The economic fallout from this pandemic is affecting all sectors and all parts of Greater Manchester and the wider North West. There is still a lot of uncertainty, which is affecting business confidence with levels听similar to听those recorded in June. This could cause some volatility and some hurdles in the path to full recovery.听听听听
鈥�Based on the Recovery Tracker results and recently released GDP data, it is unlikely that the UK will experience a rapid 鈥榁鈥� shaped recovery. Any improvement is likely to听be听gradual and spread over the next three to four months.听听
鈥淎ssuming there is no second wave requiring further lockdown measures, the most likely scenario is a Nike swoosh or tick mark shaped recovery, with customer demand expected听to return to positive territory towards the end of Quarter 3. This recovery forecast is based on current data and will be continuously updated with the results of subsequent Recovery Tracker surveys.鈥�听
The first GM Recovery Tracker survey was conducted between 29th听June - 15th听July听with the support of pro-manchester, Manchester Law Society and North West Business Leadership Team听and captured the views of 108 businesses.听听