August worst month for UK retailers since 2008

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Friday, Sep 04 2015

August turned out to be the worst month for Britain’s retailers since the financial crisis of 2008, a survey has shown, as poor weather and a spike in foreign holidays kept shoppers away from the high street. Retail sales fell by 4.3% on the year before, according to the monthly high street sales tracker from accountancy firm BDO. This was the biggest drop since November 2008 and the sixth monthly fall this year.

The figures come a day after the closely watched monthly Markit survey showed Britain’s dominant services sector growing at its slowest rate for two years in August, pointing to slower economic growth in the third quarter. BDO said all retail sectors disappointed in August, with fashion sales down 5.5%, homewares falling by 3.3% and lifestyle goods slipping by 1.3%. While non-store sales rose by 11.4% year on year, this was the slowest growth ever recorded for online sales by BDO.

Sterling is currently being traded around 1.5240 level. Pair is likely to find support around 1.52 level and resistance above 1.53 area. Later today, in the US session, NFP figures are scheduled for a release.

More in this category: « German Factory Orders down by 1.4% U.S. Unemployment Rate fell to 5.1% »

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