UK CBI realized sales dropped sharply form -3 to -55 in April, hitting a joint record low with December 2008. A net balance of -55% retailers reported decline in sales. They also expect a similar pace of decline in May, at balance of -54%, weakest expectations on record.
Rain Newton-Smith, CBI Chief Economist, said: “It’s no surprise that the lockdown is hitting retailers hard. Two fifths have shut up shop completely for now. And sales of groceries and other essentials also fell, suggesting households may have been dipping into stockpiles built up prior to the lockdown or tightening their belts more generally as incomes take a hit.”
