Jobs have held up well, but now the cracks are showing

My attention was grabbed last week by a news item in The Times headlined “Marshalls to cut 250 jobs and close factory after profit warning”. You may ask why. It was because news of job losses, which at one time used to be common, has become as rare, if not as hen’s teeth, then as glorious days this summer.

On closer examination, Marshalls, which makes building materials, had reported “challenging market conditions” in the first half of the year, driven by “persistent weakness” in new housebuilding and repair and maintenance of private homes. Having expected a recovery in the second half, it now did not and was cutting 250 jobs (in addition to a 150 reduction last year) and closing a factory in Scotland.

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