UK Retail Sales Suffer September Setback – CBI

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.


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.