The
Confederation of British Industry (CBI) reported on Friday its latest survey of
retailers showed retail sales volume balance plunged to +11 in the year to September
from +60 in August. This was the lowest reading since March.
Economists
had forecast the reading to drop to +35.
The
report also revealed that retail sales volumes were expected to grow at a quicker
rate next month (+29). Meanwhile, overall sales were seen as poor for the time
of year in September (-11 from +26) and were expected to be broadly average for
the time of year in October (-2). In other survey results, the retail orders
balance increased at a slower pace in the year to September (+20 from +68 in
August) and was seen to rise at a slightly faster pace in October (+24). Stock
levels in relation to expected sales were seen as too low for the fifth
consecutive month in September, albeit to a lesser extent than last month (-11
from -21), and were forecast to remain too low next month (-13).
“Demand
cooled for retailers in the year to September after running red hot over the
summer, pushing sales below seasonal norms for the first time since March. But
volumes are expected to return to more typical levels for the time of year next
month,” noted Ben Jones, CBI Principal Economist. “Low stock adequacy remains a
concern across the distribution sector. Respondents to our survey have told us
that they do not expect the transport and production issues that are causing
these shortages to ease significantly until at least next year and, in some
cases, beyond.”
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