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Financial News: UK Retail Sales Growth Eases Sharply On Omicron

UK Retail Sales Growth Eases Sharply On Omicron Concerns: CBI

12/21/2021 - 06:33:00 (RTTNews)

(RTTNews) - UK retail sales growth eased more-than-expected in December and high street sales are forecast to be poor next month, the monthly Distributive Trades Survey results from the Confederation of British Industry showed on Tuesday.

The retail sales balance fell to +8 percent in December from +39 percent in November. The balance was forecast to drop to 13 percent.

A net 5 percent of survey respondents forecast sales to grow next month. "Our December survey confirms what we've been hearing anecdotally about Omicron's chilling impact on activity on the High Street, with retail sales growth slowing and expectations for the coming month sharply downgraded," Ben Jones, CBI lead economist, said.

About 55 percent of retailers said orders placed upon suppliers grew in December compared to 30 percent in November. However, only a net 25 percent expect orders to grow in January.

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