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The
Confederation of British Industry's monthly balance of retail
sales, which compares volumes with a year ago, fell to -44 in
August from -25 in July. Expectations for the month ahead
improved to -21 from -32, but were still deeply negative.
"Against a backdrop of rising interest rates and weak demand,
retailers foresee cuts to investment over the next year, while
employment is expected to fall again next month," CBI economist
Martin Sartorius said, referring to quarterly data published in
the survey this month.
The quarterly business situation balance - a gauge of sentiment
among retailers - fell to -14 from +6 in May, the lowest reading
this year.
The CBI data echoed industry data earlier this week that showed
sales growth at British supermarkets slowed in August,
reflecting lower inflation as well as a hit to demand from
unsettled, unseasonably wet weather.
Market researcher NIQ said supermarket sales on a value basis
grew 7.2% in the four weeks to Aug. 12 - the lowest growth since
January and down from 8.9% in its July data set.
(Reporting by Andy Bruce; editing by David Milliken)
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