UK retail sales growth slows to six-month low in Oct
LONDON – British retail sales grew at the slowest rate in six months in October after recording strong growth the month before, a survey by the Confederation of British Industry showed on Thursday.
The CBI distributive trades survey’s sales balance dropped to +19 from a four-month high of +49 hit in September, the lowest balance since April and the biggest one-month fall in the index since February.
The expected sales balance for November also fell sharply to +24 from the level of +51 which stores had expected for October.
“Growth in sales and orders for high street retailers remains resilient, but there has been a slight slowdown in the pace of that growth following a strong September,” CBI director of economics Rain Newton-Smith said. –Reuters