The Confederation of British Industry’s (CBI) has reported today that retail sales growth remains steady, with the sixth consecutive month of growth. According to the Quarterly Distributive Trades Survey, the growth was at a slightly slower pace in May compared with the previous month. The release from the CBI noted that department stores’ volumes had declined compared with a year ago, which was replaced with strong performance in internet sales. The high-street continues to be under-priced by web outlets, as the public’s purchasing habits change.
The CBI Distributive Trades Survey (May) 16 compared to the consensus of 36 (previous: 30)
Sterling weakened slightly against the US Dollar following the CBI release, trading 1.6764 at the time of writing. (11:08 London)