UK retail sales fall most since mid 2016
The retail sales balance plunged to -10% in August from +22% in July. The balance was forecast to drop moderately to +16%. The latest score was the lowest since July 2016.
Nonetheless, a balance of 19% expects sales volume to increase next month.
Further, a balance of 24% reported that fewer orders were place with suppliers. Orders are expected to fall at a slower pace next month, with balance at -4%.
The survey showed that a net 8% expects overall business situation to deteriorate over the next three months.
"Looking ahead, firms do expect sales growth to recover, but the pressures on household budgets are set to persist, given little sign of wages picking up," Anna Leach, CBI Head of Economic Intelligence, said. ■