UK July CBI retailing reported sales +4 vs -25 expected
Latest data released by CBI - 28 July 2020
UK retail sales gauge rises to its highest level since April 2019, as the data here accounts for the reopening of the economy and easing of lockdown measures in general. The details show that the jump is largely driven by grocery sales.
- Prior -37
- Total distributive reported sales -3
- Prior -55
That said, there are concerning details despite the headline beat with a wave of layoffs being seen across the retail sector and year-on-year sales growth was modest at best.
Notably, the retail chains surveyed said that they expect a slightly weaker performance in August. The readings here are an indicator of short-term trends in the retail and wholesale sector of the UK economy.