UK Retail Sales Suffer Deepest Downturn Since 1983, CBI Survey Finds in June
CBI Survey Reveals Significant Decline in Retail Sales
June 25 (Reuters) - British retail sales slid further this month, with sales far below the norm expected for this time of year, according to a survey on Thursday that added to signs of a slowdown underway in Britain's economy.
Monthly and Three-Month Retail Sales Data
The Confederation of British Industry said its monthly retail sales balance, a gauge of sales volumes over the past year, fell to -54 in June from -46 in May.
Record Low Readings Since 1983
For the three-month average to June, the balance fell to -56 from -55, the lowest reading since records began in 1983.
Context from Other Economic Indicators
The CBI survey followed an unexpectedly downbeat reading from the closely-watched S&P Global business surveys, which do not cover retail but are widely viewed as an early indicator of economic growth.
Expert Commentary
"Retailers reported a gloomy start to the summer, with sales disappointing relative to seasonal norms to the greatest extent in over two years amid depressed consumer sentiment and rising cost pressures," said CBI lead economist Martin Sartorius.
Broader Distribution Sector Impact
"A sharp fall in year-on-year retail sales was mirrored across the broader distribution sector, with wholesalers and motor traders seeing firm sales declines."
Manufacturing and Policy Outlook
A separate CBI survey on Tuesday showed British manufacturing orders deteriorated this month at the fastest rate since September 2020.
Call for Policy Clarity
Sartorius said businesses needed clarity and stability from Britain's likely next prime minister Andy Burnham, as well as policies that reduced the cost of doing business.
(Reporting by Andy Bruce; editing by Suban Abdulla)
