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Economic news
29.07.2024

Contraction in UK retail sales volumes deepened sharply in July - CBI

The Confederation of British Industry (CBI) announced on Monday its latest survey of retailers found the retail sales volume balance worsened to -43 in the year to July from -24 in June. This marked the second consecutive month in which annual sales fell and represented the lowest reading in three months.

Economists had predicted the reading to increase to -20 in December.

The report also showed that sales volumes were seen to decrease at a slower rate next month (-32).

Commenting on the latest survey, Martin Sartorius, principal economist at the CBI, noted that July became a disappointing month for the distribution sector, with retailers feeling the sting from a harsh mix of unfavourable weather conditions and ongoing market uncertainty. “While the downturn in sales volumes is set to continue next month, some firms expressed hope for an improvement in market conditions post-general election,” he added. “The sector will now look for the new government to deliver on its bold reform agenda outlined in the King's Speech to supercharge growth to effectively aid households' finances and offer market stability.”

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