July 26, 2022 10:00 GMT
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UK JUL CBI DISTRIBUTIVE TRADES SALES VOLUME JUL -4 (FCST -10); JUN -5
UK JUL CBI DISTRIBUTIVE TRADES EXPECTED SALES VOLUME AUG -14
- The July CBI retail industry report recorded the fourth consecutive month of declining sales volumes and saw a substantial slump in expected reported sales for August.
- Reported sales in July saw a more moderate 4pp contraction (vs -5 in June), which was significantly less than the forecasted -10 decline.
- This has fed through into retailers seeing stock levels as substantially too high in relation to expected sales was at a two-year high in July and anticipated to outweigh further going forward.
- The slide in demand continues to be a result of consumers winding back spending as inflationary pressures see food and energy bills continue to accelerate. This mirrors falling new orders as highlighted by yesterday's CBI industrial trends report.
- As such, the broad-based fall in expected sales sees the economic outlook for upcoming months appearing weak.
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