UK retail sales plunge in August fastest pace since 2008 - CBI
today Aug 22, 2019
British retail sales plunged in August at the fastest pace since December 2008, according to a survey that will raise further questions about the economy's strength ahead of Brexit in October.
The Confederation of British Industry's monthly gauge of retailers fell to -49 in August from -16 in July, the second weakest reading since records began in 1983 and worse than all forecasts in a Reuters poll of economists that had pointed to a rise to -11.
"Sentiment is crumbling among retailers, and unexpectedly weak sales have led to a large overhang of stocks," CBI deputy chief economist Anna Leach said.
"With investment intentions for the year ahead and employment down, retailers expect a chilly few months ahead."
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