Retail Sales Fell
The CBI said that the retail sales fell in the year to May as the previous month’s slight gains proved an Easter blip.
According to its Distributive Trades Survey, a balance of 17% of firms reported sales were down. This compared with a positive 3% balance in April, boosted by late Easter. Meanwhile, retail prices rose at the slowest rate for three years.
Sharp Plunge in Retail Sales
As the economic crisis tightened its grip, steep falls in demand for non-food goods push retail sales to fall by 1.9% in the past month.
Economists are suspecting that further sharp declines are likely given that unemployment is surging, nominal wages are now falling as a result of the lower bonus payments across the economy, wealth is plunging because of weak equity markets and falling house prices, while confidence is at all-time lows.
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