The
Confederation of British Industry (CBI) reported on Tuesday its latest survey
of retailers showed retail sales volume balance climbed to +30 in the year to October
from +11 in September.
Economists
had forecast the reading to increase to +13.
The
report also revealed that retail sales volumes were expected to accelerate
further next month (+35). Sales in October were seen by retail firms as broadly
average for the time of year (-1 from -11 in September) but were forecast to be
above seasonal norms next month (+12). In other survey results, stocks in
relation to expected sales reached a survey record low for the seventh consecutive
month (-31 from -23), although a slight easing in stock pressures was seen next
month (-27).
“The
UK’s economic recovery has been pretty bumpy lately and the same seems true of
the retail sector. Sales performance has jumped around in recent months, while
stock shortages continue to bite,” noted Ben Jones, CBI Principal Economist. “Disruption
to supply chains, combined with staff shortages and uncertain public health
conditions mean retailers are finding it difficult to plan for the winter
ahead."