UK Retail Sales Suffer September Setback – CBI

September 27, 2016 Share Print 0

British retail sales fell unexpectedly this month after a strong showing in August, according to a survey published on Tuesday, contrasting with robust figures since June’s vote to leave the European Union.

The Confederation of British Industry said its retail sales balance dropped to -8 in September from a six-month high of +9 in August. That was below all forecasts in a Reuters poll of economists though well above the four-year low recorded in July.

Retailers expected sales to recover in October, but still cut orders with suppliers for a sixth month in a row, the CBI said. Looking at the third quarter as a whole, sales suffered their first noticeable fall since Q2 2013.

Reuters

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Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.