FXstreet.com (Barcelona) - Retail sales have posted the weakest growth of the last twelve months in the United Kingdom in early December, according to the latest distributive trade survey by the Confederation of British Industry.
In December, the amount of retailers which have reported increase of sales, year on year, was the 42% while 33% reported declines, which leaves a difference of +8%, the weakest balance seen since November 2006. The three month moving average, which smoothes out monthly peak, declined +10 from the +12 posted in October and November.
This is, according to the CBI, the four month in a row with disappointing retail sales, in November, a balance of 5% consider the sales as poor, or, in other words, below the level of this time of the year.
The outlook for the beginning of next year is not much brighter, with a balance of 156% expecting poor sales for next month. Stock levels are considered above average for a big part of the surveyed retailers 24% consider actual stocks above the long term average of 18% in this time of the year.