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Forex News

11/23/2017 11:35:06

UK retail sales bounce back in November - CBI

(ShareCast News) - Retails sales in the UK picked up in November after a big dip last month, according to the latest survey from the Confederation of British industry.
The CBI's quarterly distributive trades survey found that 39% of respondents reported a rise in sales volumes in November compared to a year ago, while 13% said they were down, giving a balance of +26%. This compares to -36% in October and is well ahead of analysts' expectations of +5%.

The survey also found that retailers expect sales volumes to pick up again next month, with 39% expecting an uptick.

Meanwhile, average selling prices rose at their fastest pace since May 1991 in the year to November, which Pantheon Macroeconomics said suggests that CPI inflation edged up from October's 3.0% rate.

Chief economist Rain Newton-Smith said: "It's great to see retail sales rebound this month after a big dip, but let's be clear: our high streets are not out of the woods. Ahead of the crucial run up to Christmas, the weaker pound has pushed up prices and retailers are nervous about business conditions and are trimming their workforces.

"The relief from the rising burden of business rates in Chancellor's Budget will be welcome on the UK's high streets, as will the investment in local transport connections and housing which should supporting our local communities but the job is not done, now is the time for swift delivery."

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