UK's high street sales increased for the third consecutive month in July, but the rate of growth slowed from the previous month, data from a survey by the Confederation of British Industry (CBI) showed Monday.
The balance of the survey came in at 11 percent in July, with 44 percent of surveyed retailers reporting an increase in sales volumes and 33 percent reporting a decline. Economists were looking for a balance of 20 percent. The latest figure was also far below the 32 percent balance retailers had expected.
At the same time time, the balance new orders in the retail sector decreased to 5 percent in July from 21 percent in the previous month.
The outlook component of the survey showed that retailers expect both sales and orders growth to moderate further in August, with both expected to be effectively flat on a year ago.
"The unprecedented poor weather for the time of year did not help, but retailers also expect conditions to remain tough during August," Judith McKenna, Chair of the CBI Distributive Trades Panel, said.
"With consumer confidence weak and wage growth remaining sluggish, the longer term outlook for retailers remains challenging."
by RTT Staff Writer
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