UK Retail Sales Expected Weaker

Retailers’ hopes of a bumper summer are being dampened by poor weather and weak consumer confidence, Britain’s leading employers’ organisation has said.

The Confederation of Business Industry (CBI) said July sales had been far weaker than expected and detected little sign of a boost in August from the Olympics.

Of the retailers questioned in the monthly distributive trades survey, 44% said business was up on July 2011; 33% said sales volumes were down. The balance of +11 percentage points was well down on the +42 points expected when retailers were polled a month ago.

Judith McKenna, chair of the CBI distributive trades panel and Asda chief operating officer, said: “Retailers reported an annual rise in sales and orders for the third month in a row, but the increase was far slower than firms had anticipated.

via The Guardian

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.