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UK Retail Sales Soft on Weak Consumer Confidence in September, Says BRC
Written by article default Tuesday, 12 October 2010 08:22
UK Retail Sales rose 0.5 percent in September according to a report from the British Retail Consortium. BRC Director General Stephen Robertson said “sales growth continues to be poor…thanks to persistently weak consumer confidence and worries about the future.” Factoring out the typically volatile food sales, receipts fell from the previous year for the first time since mid 2009. Stephenson added that with the value-added tax] higher than it was last year, and pushing up sales values, September saw an even worse performance than headline figures would suggest. “Despite widespread discounting, sales of major items had the toughest time. It’s clear people are cautious and major spending is largely on hold,” he added.Click here to learn more about DailyFX.