August retail sales plunge at fastest pace since 2008

ELIAS JAHSHAN | August 22, 2019

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UK retail sales in August fell at the sharpest pace since December 2008, according to new data from CBI that added to signs of a slowing economy as Brexit nears. The CBI’s latest Distributive Trades Survey which provides a gauge of retailers or the difference between those reporting rising and falling sales volumes  slumped to 49 in August from -16 in July. Along with marking the biggest pace in a drop since the 2008 financial crisis, it was the second weakest reading since records began in 1983. The reading was also worse than all forecasts in a Reuters poll of economists that pointed to an improvement to -11. The CBI said the latest figures means retailers can expect the sharpest deterioration in business conditions since February 2009 in the coming months.

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