Reuters API
Nov 24, 2020
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UK retail sales fall by most since June in November's lockdown - CBI

Reuters API
Nov 24, 2020

British retail sales have fallen by the most since June during this month's lockdown across the bulk of the country, though the decline was less than most economists feared as online sales took up some of the slack, a survey showed on Tuesday.

The Confederation of British said its monthly retail sales balance dropped to -25 in November from -23 in October.

This was its lowest reading since June, when Britain was last in a nationwide lockdown, but a smaller decline than the drop to -35 forecast in a Reuters poll of economists.

The outlook for December was more positive, with a reading of -2.

"This month’s survey gives hope that the economic impact of the autumn lockdowns should not be as severe as in the spring. Both consumers and firms are adapting as best they can, borne out in this month’s strong online sales," CBI economist Ben Jones said.

The CBI's quarterly reading of business conditions in the retail sector fell to -19 from +7, its lowest since May.


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