–UK CBI: Oct Reported Sales Balance -11% Vs -15% In Sep
–UK CBI: Nov Expected Sales Balance 4% Vs -14% For Oct
–UK CBI: Oct Orders Volume Balance 1% Vs -16% In Sep
LONDON (MNI) – High street sales volumes remained at low levels in
October, but were less weak than analysts had expected.
The CBI’s October Distributive Trades reported sales balance rose
to -11% from -15% in September, bettering analysts’ median forecast was
for an unchanged outturn.
Sales for the time of year in October fell to -34% from -30% in
September, the lowest outturn since May 2009.
The three month sales volume moving average fell to -13% from -11%.
The broad picture is one of retailers failing to escape from the
summer sales trough. The sales volume balance turned negative in July,
fell to -14 in August, then -15 in September and has only edged off
that September low.
“Family budgets continue to be stretched because of a combination
of high inflation and wage growth and soaring unemployment so consumer
confidence is severely dented” Judith McKenna, chair of the CBI’s
Distributive Trades Panel and ASDA chief operating officer, said.
–London bureau: 44 20 7862 7491; email: firstname.lastname@example.org