UK CBI Reported Sales dropped sharply to -18 in March, down from 0 and missed expectation of 5. That is, 28% of respondents reported that sales volumes were up on a year ago in March, while 46% said they were down, giving a balance of -18%. It’s the fastest contraction in 17 months, marked four-month run in which sales have not grown.
Anna Leach, CBI head of economic intelligence, said: “Even accounting for Easter timing, the High Street’s poor run continues. While real wage growth is picking up, consumer confidence has been hit by escalating uncertainty over Brexit and concern over the economy’s future. The pain currently being felt on the High Street is yet another reason why it is so vitally important politicians agree a deal in Parliament that is acceptable to the EU and protects our economy. No-deal must be averted at all costs.”
