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Financial News: UK Retail Sales Fall Most Since Mid 2016:

UK Retail Sales Fall Most Since Mid 2016: CBI

08/24/2017 - 06:39:00 (RTTNews)

(RTTNews) - British retailers reported the biggest fall in retail sales since July 2016 and orders placed on suppliers declined considerably from the previous year in August, Distributive Trades Survey from the Confederation of British Industry showed Thursday.

The retail sales balance plunged to -10 percent in August from +22 percent in July. The balance was forecast to drop moderately to +16 percent. The latest score was the lowest since July 2016.

Nonetheless, a balance of 19 percent expects sales volume to increase next month.

Further, a balance of 24 percent reported that fewer orders were place with suppliers. Orders are expected to fall at a slower pace next month, with balance at -4 percent.

The survey showed that a net 8 percent 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.

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