Investing.com – Retail sales in Britain fell more-than-expected in January, industry data showed on Thursday.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers dropped to 37 in January, down from 56 in December.
Analysts had expected the index to decline to 39 in January.
On the index, a reading above zero indicates higher sales volume, below indicates lower.
Commenting on the report, CBI Chief Economic Adviser Ian McCafferty said, “Retailers expect the pace of sales growth to slow further next month, and orders placed with suppliers have flattened out.”
He added, “Consumer demand is expected to be weak in the coming months, as the spending power of households is hit by a combination of sharply rising prices and weak wage growth. Retailers can expect a challenging period ahead.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD rising 0.04% to hit 1.5941.
Meanwhile, European stock markets were up. The FTSE 100 gained 0.11%, the EURO STOXX 50 jumped 0.36%, France’s CAC 40 added 0.20%, while Germany's DAX was up 0.44%.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers dropped to 37 in January, down from 56 in December.
Analysts had expected the index to decline to 39 in January.
On the index, a reading above zero indicates higher sales volume, below indicates lower.
Commenting on the report, CBI Chief Economic Adviser Ian McCafferty said, “Retailers expect the pace of sales growth to slow further next month, and orders placed with suppliers have flattened out.”
He added, “Consumer demand is expected to be weak in the coming months, as the spending power of households is hit by a combination of sharply rising prices and weak wage growth. Retailers can expect a challenging period ahead.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD rising 0.04% to hit 1.5941.
Meanwhile, European stock markets were up. The FTSE 100 gained 0.11%, the EURO STOXX 50 jumped 0.36%, France’s CAC 40 added 0.20%, while Germany's DAX was up 0.44%.