–Adds Detail To Version Transmitted At 1100 GMT
LONDON (MNI) – High street sales volumes and orders plunged in
November, with orders and volumes hitting their lowest level since March
2009, with retailers stepping up the pace of job shedding.
Official retail sales data showed volumes came in surprisingly
strong in September and October, but the CBI data point to a sharp drop
back in November. The quarterly November CBI survey employment balance
fell to -27%, the lowest reading since November 2009.
The CBI’s November monthly reported sales volume balance fell to
-19 from October’s -11, while the reported orders volume balance plunged
to -25 from October’s 1, both the lowest readings since March 2009.
Retailers were downbeat about the outlook for December. The
expected orders placed on suppliers balance dropped to -18 from -3.
Ian McCafferty, the CBI’s chief economic adviser, said “Retailers
may be hoping that shoppers will loosen their purse strings in the run
up to Christmas, but consumers are likely to remain cautious about
spending given the uncertain economic outlook,” he said.
Retailers reported sales volumes were on average down for the time
of year, with the -39% balance also the weakest figure reading March
2009.
The quarterly survey found that only 13% of retailers increased
their headcount, while 40% cut staff numbers, giving the employment
balance of -27%.
One note of caution in reading across to the upcoming official data
for November – the CBI survey only covers the first half of the month.
The November CBI Distributive Trades Survey was conducted between
October 27 and November 16.
–London bureau: 44 20 7862 7491; email: ukeditorial@marketnews.com
[TOPICS: MABDS$,M$B$$$]
