June 23, 2022 10:00 GMT
CBI Retail Outlooks Weak as Demand Wanes
UK DATA
MNI (London)
Datamarkets-real-timeData BulletBank Of England Market NewsBulletUKMarketsFixed IncomeForeign Exchange
UK CBI JUNE REPORTED SALES BALANCE -5.0% VS MAY -1.0%
UK CBI JULY EXPECTED SALES BALANCE -2.0%
- The CBI distributive trades report saw a small dip in sales reported in June, implying no growth in sales volumes in Q2. Retail was again below levels seen in June 2021.
- Inventory levels remained high, as firms struggled to push through stock. As consumer demand wanes on the back of soaring inflation, expected sales are anticipated to remain flat. The downturn in consumer spending generated upstream effects, with wholesale sales stagnating as retailers factor weak growth outlooks into sale volumes in upcoming months.
- The motor industry saw "good" sales volumes in June, however, this is expected to soften again next month.
- The latest CBI report precedes the official May retail sales data, due June 24 , which is anticipated to see a further 4.5% y/y contraction.
Source: CBI
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