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UK Consumer Spending Sharply Declines in August

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British retail sales growth slowed in August at the fastest pace in more than a year as the squeeze on consumers from rising prices continued, according to a survey on Thursday.The Confederation of British Industry’s (CBI) monthly retail sales balance slid to -10 in August from +22 last month, its lowest since July 2016 – just after Britons voted to leave the European Union.The reading was far below even the lowest forecast in a Reuters poll of economists, all of whom expected only a modest slowdown in growth.While retailers expected sales to pick up again next month, they were downbeat about the current business situation.

Source: UK shop sales slide unexpectedly in August, retailers’ mood downbeat – CBI

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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.
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