growth in february, and activity unexpectedly shrank in march. and that s before consumers were hit by higher taxes and bills at the start of april. since then, consumers have cut back sharply on nonessential spending. stricken small businesses are demanding government action. injanuary, our businesses were telling us that despite increasing costs, their order books were strong. in the last month, they have seen those order books decline, and that is what we are really worried about. we are worried that we are at a tipping point in terms of going into recession, and that is why we need to see the government act now with three key measures reversing national insurance increases, decreasing vat on energy bills, and bringing in free covid testing for businesses. today, the bbc s economics editor asked the chancellor why he wasn t doing more and treating this as an emergency. what i would say is i am completely aware of what the challenges that people are facing are. you say you re aware
want to bring in vrana. households way better off than they were a decade ago. the inflation ugliness is the only story in the economy, isn t it? 100%. you re seeing anecdotal evidence of households cutting back on nonessential spending. people are rationing electricity. people are having to marshall their resources to pay for fuel. companies like apple are cutting back models of iphones. if you start to see companies
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economists say his health care law is more responsible, and they believe the decision to delay the employer health insurance mandate for a year was a response. a lot of businesses have been hiring more workers, and reducing the the work week for their workers below 30 hours a week. so that they could reduce the cost, reduce the hit from the affordable care act. reporter: the biggest jump in hiring came in businesses that cater to nonessential spending. which administration officials say is a sign of increasing confidence in the economy. restaurants and bars or arts, entertainment, recreation. retail trade. those industries have grown more strongly the last couple of months, and i think that s a sign that consumers are feeling more confident. reporter: but as we get back to a more normal economy, the fed is under pressure to taper off the bond buying that has kept interest rates extremely low. mortgage rates are likely to raise, but economists don t expect they will rise enoug
economists say his health care law is more responsible, and they believe the decision to delay the employer health insurance mandate for a year was a response. a lot of businesses have been hiring more workers, and reducing the the work week for their workers below 30 hours a week. so that they could reduce the cost, reduce the hit from the affordable care act. reporter: the biggest jump in hiring came in businesses that cater to nonessential spending. which administration officials say is a sign of increasing confidence in the economy. restaurants and bars or arts, entertainment, recreation. retail trade. those industries have grown more strongly the last couple of months, and i think that s a sign that consumers are feeling more confident. reporter: but as we get back to a more normal economy, the fed is under pressure to taper off the bond buying that has kept interest rates extremely low. mortgage rates are likely to raise, but economists don t expect they will rise enoug