⁍ The Confederation of British Industry’s (CBI) monthly gauge of retail sales fell to -23 in October.
⁍ Its lowest level since June, after hitting an 18-month high of +11 in September.
⁍ Retailers’ expectations for sales in November fell sharply and they increasingly expect to cut orders to suppliers.
– Britain’s retail sales took a turn for the worse in October, falling to their lowest level since June, according to an industry survey. The Confederation of British Industry’s monthly gauge of retail sales fell to -23 in October, its lowest level since June, after hitting an 18-month high of +11. A Reuters poll of economists had expected a reading of +1. “The fall in retail sales in October is a warning sign of a further loss of momentum in the economy as coronavirus cases pick up and restrictions are tightened across many parts of the country,” a CBI economist said. He warned that retailers faced a difficult Christmas trading period. Retailers’ expectations for sales in November fell sharply and they increasingly expect to cut orders to suppliers, the survey showed.
Source: https://www.reuters.com/article/britain-economy-retail/uk-retail-sales-slump-in-october-as-economy-wanes-cbi-idUSL8N2HI3GN