The
Confederation of British Industry (CBI) announced on Monday its latest survey
of retailers found that the retail sales volume balance declined to -6 in the year to October from +4 in September,
pointing to a modest fall in the sales volumes of the UK’s retailers after
slight growth in the previous month.
Economists
had predicted the reading to rise to +10 in October.
The report also
revealed that sales volumes were seen to be broadly flat next month (-1).
In other survey
results, orders placed
upon suppliers decreased marginally in the year to October (-5 compared to -14
in September), and were predicted to fall at a faster pace next month (-24).
Commenting on
the latest survey, Martin Sartorius, principal economist at the CBI, said that retail
sales volumes slipped back slightly in October, with some firms highlighting
increased consumer caution ahead of this week’s Autumn Budget as a key factor. “This
weakness in activity was reflected across the broader distribution sector, with
wholesale and motor trade firms also reporting declining sales,” he added, noting that retailers are not expecting an immediate turnaround, with annual
sales set to be flat in November.