Economic Indicators2 hours ago (Jul 28, 2020 06:10AM ET)
(C) Reuters. People shopping on Oxford Street in central London
LONDON (Reuters) – A gauge of British retail sales surged in July to its highest level in over a year as more of the economy reopened following the coronavirus lockdown, driven mostly by grocery sales, a survey showed on Tuesday.
The Confederation of British Industry’s monthly retail sales balance rose to +4 from -37 in June, its highest since April 2019 but still signalling only modest year-on-year growth in sales.
“It’s great to see retail sales stabilise this month, but this doesn’t tell the whole story,” said CBI chief economist Rain Newton-Smith.
The retail sector has been hit hard by the COVID-19 pandemic, spurring a wave of layoffs.
“This crisis has created winners and losers within the retail sector and for some businesses the picture remains bleak,” Newton-Smith said.
The survey of 61 retail chains showed they expect a slightly weaker performance in August.
UK retail sales survey highest since April 2019, CBI says
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