Latest data released by CBI - 25 June 2019
- Prior -27
- Total distributive reported sales -22 vs -10 expected
- Prior -20
The readings here are an indicator of short-term trends in the retail and wholesale sector of the UK economy. Those are some ugly figures in the report here, especially the headline reading which is the worst since March 2009.
CBI attributes the drop to relatively poor weather but I reckon this is in part and parcel the supply shock disruption we're seeing from Brexit stockpiling in Q1 but extending towards the consumer side this time around.
The data here may not have much influence on the pound at the moment but expect this to feed into hard Q2 data and that will no doubt raise some further eyebrows about the strength of the UK economy in the second quarter.
