UK CBI retail sales drop sharply in August, a big miss on expectations

According to the latest quarterly Confederation of British Industry (CBI) Distributive Trades Survey, the UK’s retail sales volume dropped sharply in the month of August, arriving at -10% versus 15% expected and 22 previous.

Meanwhile, the total distributive reported sales stood at 2 versus 16 exp and 21 last.

CBI reports, “The survey of 117 firms, of which 57 were retailers, showed that, in the year to August, the volume of sales fell at the fastest pace since July 2016, with orders placed on suppliers also falling considerably year-on-year. Overall, sales for the time of year were considered to be below seasonal norms to the greatest extent since October 2014.”

The GBP/USD pair remained unfazed near 1.2815 on the CBI data, as all eyes remain on the Jackson Hole Symposium.