U.K. retail sales are forecast to pick up next month after recording a slowdown in April, results of the Distributive Trades Survey from the Confederation of British Industry showed Wednesday.
The retail sales balance fell to +12 percent from +18 percent in March. Economists had forecast it to rise to 25 percent.
However, retailers expect sales growth to improve next month, to a balance of +40 percent.
Orders placed on suppliers fell to -8 percent. But orders were expected to grow solidly next month, with the score expected to be at +22 percent.
“With the mixed news we’ve been seeing from the high street recently it’s perhaps not surprising that retailers have reported varied fortunes this month,” Barry Williams, CBI DTS chairman and Asda’s Chief Customer Officer said.
IHS Global Insight’s Chief UK Economist Howard Archer said despite April’s modestly softer CBI survey, the prospects for retail sales and consumer spending look largely bright.
The material has been provided by InstaForex Company – www.instaforex.com