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| UK retailers buoyed by October sales growth | UK retailers buoyed by October sales growth |
| (about 1 hour later) | |
| Hopes that the UK economy is on the mend were boosted on Tuesday when the latest snapshot of high street spending showed strong growth in retail sales. | Hopes that the UK economy is on the mend were boosted on Tuesday when the latest snapshot of high street spending showed strong growth in retail sales. |
| The CBI's monthly distributive trades survey showed consumers responding to falling inflation by spending far more in October than had been expected. | The CBI's monthly distributive trades survey showed consumers responding to falling inflation by spending far more in October than had been expected. |
| Almost half of retailers questioned (47%) said business was up last month on a year earlier, while 17% said sales were down. The balance of +30 points was the highest since June, when spending was lifted by the extra bank holiday for the Queen's diamond jubilee. | Almost half of retailers questioned (47%) said business was up last month on a year earlier, while 17% said sales were down. The balance of +30 points was the highest since June, when spending was lifted by the extra bank holiday for the Queen's diamond jubilee. |
| Retailers were confident that business would remain brisk in November as the builid-up to the key Christmas period began. | Retailers were confident that business would remain brisk in November as the builid-up to the key Christmas period began. |
| Anna Leach, the CBI's head of economic analysis, said: "It is great news that last month's sales growth has continued into October, at a much faster pace than expected, and that this momentum is expected to continue next month too. | |
| "Falling inflation has somewhat eased pressures on family budgets, so that households are a little more willing to spend. But there's still a risk that ongoing uncertainty over the global economic outlook could dent consumer confidence, hitting prospects for the retail sector, while the scope for inflation to fall further is limited." | "Falling inflation has somewhat eased pressures on family budgets, so that households are a little more willing to spend. But there's still a risk that ongoing uncertainty over the global economic outlook could dent consumer confidence, hitting prospects for the retail sector, while the scope for inflation to fall further is limited." |
| The CBI said there was an across-the-board pick-up in spending, led by clothes stores and furniture and carpets outlets. Clothing posted its first year-on-year sales growth in three months, while supermarkets also reported the sixth consecutive annual increase in volumes. | The CBI said there was an across-the-board pick-up in spending, led by clothes stores and furniture and carpets outlets. Clothing posted its first year-on-year sales growth in three months, while supermarkets also reported the sixth consecutive annual increase in volumes. |
| Despite the sales growth, retailers still said trade was poor for the time of year. Of the 69 retailers polled, 16% said activity was good for the time of year while 23% said it was disappointing. |