Investing.com - Retail sale volumes in the U.K. contracted for the second consecutive month in May, hitting a 13-month low, industry data showed on Wednesday.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers fell to minus 11.0 in May from a reading of minus 1.0 in April.
Analysts had expected the index to improve to 3.0 in May.
On the index, a reading above 0.0 indicates higher sales volume, below indicates lower.
Barry Williams, Chair of the CBI Distributive Trades Survey Panel said, “Retail sales growth has weakened since the start of the year as households continue to feel the pinch, with wages failing to keep pace with the cost of living.”
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD adding 0.01% to trade at 1.5041.
Meanwhile, European stock markets remained lower. London’s FTSE 100 tumbled 1.15%, the EURO STOXX 50 fell 0.8%, France’s CAC 40 declined 1%, while Germany's DAX retreated 1%.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers fell to minus 11.0 in May from a reading of minus 1.0 in April.
Analysts had expected the index to improve to 3.0 in May.
On the index, a reading above 0.0 indicates higher sales volume, below indicates lower.
Barry Williams, Chair of the CBI Distributive Trades Survey Panel said, “Retail sales growth has weakened since the start of the year as households continue to feel the pinch, with wages failing to keep pace with the cost of living.”
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD adding 0.01% to trade at 1.5041.
Meanwhile, European stock markets remained lower. London’s FTSE 100 tumbled 1.15%, the EURO STOXX 50 fell 0.8%, France’s CAC 40 declined 1%, while Germany's DAX retreated 1%.