(Sharecast News) – British retail sales fell in August at their fastest rate in more 30 months with future prospects not looking much better amid the cost of living crisis, according to an industry survey published on Thursday.
The Confederation of British Industry’s monthly balance of retail sales fell to -44 in the year to August from -25 in July. Expectations for the month ahead improved to -21 from -32.
“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.
Retailers expect to reduce investment in the next 12 months (compared to the past 12), but to a lesser extent than in May, with a balance of -25% from -43%.
Reporting by Frank Prenesti for Sharecast.com
