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CBI says retail sales fell in January | CBI says retail sales fell in January |
(about 2 hours later) | |
Retail sales fell in January as shoppers reined in their spending at the start of the year, the CBI says. | Retail sales fell in January as shoppers reined in their spending at the start of the year, the CBI says. |
Its monthly survey of the distributive trades found 44% of retailers said sales volumes were down on a year ago. | Its monthly survey of the distributive trades found 44% of retailers said sales volumes were down on a year ago. |
With 22% saying they had seen sales rise in January, there was a negative balance of 22% of retailers, the lowest since March 2009. | With 22% saying they had seen sales rise in January, there was a negative balance of 22% of retailers, the lowest since March 2009. |
Retailers expect sales volumes to continue to fall in February, albeit it at a slower pace than this month. | Retailers expect sales volumes to continue to fall in February, albeit it at a slower pace than this month. |
They reported January sales as disappointing for the time of year. | They reported January sales as disappointing for the time of year. |
Hardware and DIY stores gave the gloomiest report among the retail sector, with online and mail-order faring the best. | Hardware and DIY stores gave the gloomiest report among the retail sector, with online and mail-order faring the best. |
Recent weeks have seen a number of high street names closing stores and appointing administrators, including Past Times, La Senza and Pumpkin Patch. | |
Others, including WH Smith and HMV have seen sales or profits slip. | |
Meanwhile, food outlets, including Asda, McDonald's and Subway are expanding and creating jobs. | |
Ian McCafferty, the CBI's chief economic adviser, said: "Shoppers have reined in spending across the board at the start of the New Year after taking advantage of early discounting last month, which boosted pre-Christmas sales. | Ian McCafferty, the CBI's chief economic adviser, said: "Shoppers have reined in spending across the board at the start of the New Year after taking advantage of early discounting last month, which boosted pre-Christmas sales. |
"Family budgets are under continuing pressure with inflation still high and wage increases modest." | "Family budgets are under continuing pressure with inflation still high and wage increases modest." |
Howard Archer, chief economist at Global Insight, said the findings pointed to another quarter of weak economic growth: "Given the key role of consumer spending, the CBI survey heightens concern that the economy is set for further contraction in the first quarter of 2012 after GDP fell 0.2% in the fourth quarter of 2011, thereby putting the UK back into recession." | Howard Archer, chief economist at Global Insight, said the findings pointed to another quarter of weak economic growth: "Given the key role of consumer spending, the CBI survey heightens concern that the economy is set for further contraction in the first quarter of 2012 after GDP fell 0.2% in the fourth quarter of 2011, thereby putting the UK back into recession." |
He added that poor sales were likely to lead to further falls in the rate of inflation. | He added that poor sales were likely to lead to further falls in the rate of inflation. |
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