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Free AccessMNI DATA BRIEF: UK Shop Sales See More Upside in July: CBI
UK retail sales rose again in July, accelerating at a similar pace as seen in June and "have been at or above seasonal norms for the last four months now," Ben Jones, Principal Economist at the CBI said Tuesday, although he noted the picture is not universal, "with the clothing and footwear stores in particular yet to see demand recover to usual levels. The headline Distributive Trades Volume of Sales eased to +23, down from +25 seen in June.
Grocers provided the largest upward contribution to sales and furniture and carpet stores reported sales above seasonal norms. Internet sales slowed for the fifth successive month and were flat in July, its weakest reading since August 2009. While retail sales are expected to pick up again in August, orders are forecast to ease.
"While demand may be more stable, operational issues worsen. Relative stock levels are at a record low and expected to fall further still, while the number one worry for many firms at the minute is labour shortages throughout the supply chain as staff self-isolate." Jones added.
Source: CBI Distributive Trades Survey
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.