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27.08.2024

Contraction in UK retail sales volumes improves less than expected in August - CBI

The Confederation of British Industry (CBI) reported on Tuesday its latest survey of retailers found that the retail sales volume balance improved to -27 in the year to August from -43 in July, pointing to the third consecutive decline in the sales volumes of the UK’s retailers, the pace of which, however, was slower than in previous month. 

Economists had forecast the reading to rise to -11 in August.

The report also revealed that sales volumes were seen to drop at a softer rate next month (-17).

In other survey results, selling price inflation in the year to August quickened (+30 compared to +20 in May) but remained below its long-run average (+41). Selling price inflation was anticipated to ease sharply next month (+15). 

Meanwhile, employment in the retail sector decreased for the eighth successive quarterly survey (-25 compared to -26 in May) and was seen to reduce next month at a broadly similar rate (-28).

Elsewhere, retailers indicated intention to cut investment in the next 12 months to a larger extent than in May (-35 compared to -25 in May). 

Commenting on the latest survey, Martin Sartorius, principal economist at the CBI, noted that retailers reported heightened caution regarding their investment and hiring plans, which seemed to reflect worries about persistently weak demand conditions. “Although households seem to still be feeling the pinch from the cost-of-living crisis, firms should gradually begin to see some tailwinds from consumers’ rising real incomes,” he added. “

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