"With consumer confidence weak and wage growth remaining sluggish, the longer-term outlook for retailers remains challenging"
- Judith McKenna, head of the CBI's distributive trades panel
U.K. retail sales growth slowed in June to the lowest level since April, said the Confederation of British Industry on Monday. The index measuring sales dropped to 11 from 42 in June. Above 0 indicates higher sales volume, below indicates lower.
"Retailers reported an annual rise in sales and orders for the third month in a row, but the increase was far slower than firms had anticipated," said Judith McKenna, ASDA Chief Operating Officer and chairwoman of the DTS panel.
"The unprecedented poor weather for the time of year did not help, but retailers also expect conditions to remain tough during August. With consumer confidence weak and wage growth remaining sluggish, the longer-term outlook for retailers remains challenging."
© Dukascopy Bank SA