Source: Sharecast
According to the latest distributive trades survey from the Confederation of British Industry, the retail sales volumes balance slumped to -46 from -27 in May. The ninth consecutive month of decline, the print also missed consensus expectations of -32.
A balance is the weighted difference between the percentage of firms reporting an increase and those noting a decrease.
Sales volumes for the time of year were judged to be poor, with a balance of -37, and few expect conditions to improve in the short term. A balance of -38 expect sales in July to also be below average for the time of year.
Online retail sales volumes remained in positive territory, although the balance shrank to 6 from 37 in May.
Across the entire distributive sector - which includes retail, wholesale and motor trades - the sales volumes balance was -39, up only marginally on May’s -43.
Martin Sartorius, principal economist at the CBI, said: "Many firms [are] reporting that consumer caution continues to hold back sales. These data suggest that underlying activity remains subdued in the distribution sector."
The survey of 155 respondents was carried out between 28 May and 13 June. Of the respondents, 53 were retailers and 87 wholesalers.