Latest data released by CBI - 24 September 2020
- Prior -6
- Total distributive reported sales -7 vs -15 expected
- Prior -9
This is a bit unexpected, as UK retail sales growth came in at its fastest pace since April 2019 as the recovery in consumption activity continues into September. The readings here are an indicator of short-term trends in the retail and wholesale sector of the UK economy.
CBI notes that:
"The latest results suggest that the recovery in retail spending over the summer months has continued, which is welcome news, but retailers appear cautious over the near-term outlook. It is clear that targeted support measures will be needed to ensure that viable businesses can emerge intact on the other side of the crisis."
Of note, furniture and grocery store sales have increased sharply over the past few months but clothing and department store retailers have struggled, so that points to some potential concern about how the recovery is panning out for the most part.
