Investing.com – Retail sales in Britain fell more-than-expected in October, industry data showed on Thursday.
In a report the Confederation of British Industry said the result of its index of U.K. retailers was 36 in October, down from 49 in September.
Analysts had expected the index to decline to 40 in October.
On the index, a reading above zero indicates higher sales volume, below indicates lower.
Commenting on the report, CBI Head of Economic Analysis, Lai Wah said, “High street sales in aggregate have performed well again this month, but sales of durable household goods have slowed noticeably, in line with more subdued housing market activity of late”.
He added, “Retailers expect sales growth to continue next month, in the run-up to Christmas. We should also see more of a boost to sales as shoppers look to beat the New Year VAT rise, but looking beyond that, broader consumer caution may temper growth in spending into 2011.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.38% to hit 1.5829.
Meanwhile, European stock markets were up. The FTSE 100 jumped 1.01%, the EURO STOXX 50 gained 0.71%, France’s CAC 40 added 0.73%, and Germany's DAX was up 0.66%.
In a report the Confederation of British Industry said the result of its index of U.K. retailers was 36 in October, down from 49 in September.
Analysts had expected the index to decline to 40 in October.
On the index, a reading above zero indicates higher sales volume, below indicates lower.
Commenting on the report, CBI Head of Economic Analysis, Lai Wah said, “High street sales in aggregate have performed well again this month, but sales of durable household goods have slowed noticeably, in line with more subdued housing market activity of late”.
He added, “Retailers expect sales growth to continue next month, in the run-up to Christmas. We should also see more of a boost to sales as shoppers look to beat the New Year VAT rise, but looking beyond that, broader consumer caution may temper growth in spending into 2011.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.38% to hit 1.5829.
Meanwhile, European stock markets were up. The FTSE 100 jumped 1.01%, the EURO STOXX 50 gained 0.71%, France’s CAC 40 added 0.73%, and Germany's DAX was up 0.66%.