CBI: UK Nov Retail Sales Volumes, Orders Plunge

LONDON (MNI) – High street sales volumes and orders plunged in
November, with volumes hitting their lowest level since March 2009.

Official retail sales data showed volumes came in surprisingly
strong in September and October, but the CBI data point to a sharp drop
back in Novmember.

The CBI’s November Distributive Trades reported sales balance fell
to -19 from October’s -11. The reported orders volume balanced plunged
to -25 from October’s 1.

Ian McCafferty, the CBI’s chief economic adviser, was gloomy about
the retail sales outlook.

“Retailers may be hoping that shoppers will loosen their purse
strings in the run up to Christmas, but consumers are likely to
remain cautious about spending given the uncertain economic outlook,” he
said.

–London bureau: 44 20 7862 7491; email: ukeditorial@marketnews.com

[TOPICS: MABDS$,M$B$$$]