The
Confederation of British Industry (CBI) reported on Tuesday its latest survey
of retailers showed retail sales volume balance stood at -45 in the year to February,
up from -50 in January.
Economist had
forecast the reading to improve to -38.
In addition, retail
sales volumes are expected to drop at a steeper pace in the year to March (-62).
The report also
revealed that the retail orders balance also decreased (balance of -36, from -45
in January) with an even sharper decline seen next month (-44). Meanwhile, internet
sales increased at a record pace (balance of +75, from 43 in January), providing
relief for some retailers; another historically strong performance expected in
the year to March (+78).
In other survey
results, employment in the
retail sector dropped for the 17th consecutive quarter and at a faster pace
than in the year to November (balance of -44, from -32 in November), and similar
fall is anticipated in the year to March (-44). Investment intentions for the
quarter ahead stabilized compared to November (balance of -2, from -19 in
November).
“With lockdown
measures still in place, trading conditions remain extremely difficult for
retailers,” noted Ben Jones, CBI Principal Economist. “Record growth in
internet shopping suggests that retailers’ investments in on-line platforms and
click-and-collect services maybe paying off, but the re-opening of the sector
can’t come soon enough to protect jobs and breathe life back into the sector.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.