UK Consumer Spending Sharply Declines in August

August 24, 2017 Share Print 0

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

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 SKY News. 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.