UK CBI realized sales balance dropped to -6% in the year to August, down from July’s 4%. They’re expected to drop further next month, at a faster rate of -17%. Employment balance in the retail sector dropped sharply, at -45%, sharpest pace since February 2009. Faster fall is expected in the quarter head at -52%.
Alpesh Paleja, CBI Lead Economist, said: “The furlough scheme has proved effective at insulating workers and businesses in some of the worst-hit sectors during the pandemic, but these findings reinforce fears that many job losses have been delayed rather that avoided.
“Indeed, the latest survey shows that trading conditions for the retail sector remain tough, even against the backdrop of business slowly returning. Firms will be wary of deteriorating household incomes and the risk of further local lockdowns potentially hitting them in the pocket for a second time.
