British retail sales fell unexpectedly this month after a strong showing in August, according to a survey published on Tuesday, contrasting with robust figures since June’s vote to leave the European Union.
The Confederation of British Industry said its retail sales balance dropped to -8 in September from a six-month high of +9 in August. That was below all forecasts in a Reuters poll of economists though well above the four-year low recorded in July.
Retailers expected sales to recover in October, but still cut orders with suppliers for a sixth month in a row, the CBI said. Looking at the third quarter as a whole, sales suffered their first noticeable fall since Q2 2013.
GBP/USD – Pound Shows Volatility on Dismal Retail Sales Survey
USD/JPY – Yen Drops on Soft Inflation Report But Recovers
EUR/USD – Euro Remains Listless, US Consumer Confidence Next
