(CBI) UK retail hit average levels for the first time in 2021 in October, with stock adequacy levels approaching series low since 1985. Retail sales are now projected to rise above seasonal norms next month.
Retail sales and orders grew in the year to October, compared in the same period to September. Sales and orders in October 2020 were suppressed by Covid-19 cases and social restrictions.
Growth in internet sales for the year to October slipped further to remain below the long-run average due to the easing of online transactions in a reopening economy.
Wholesalers posted sales that exceeded seasonal norms this month, almost unchanged from September. The wholesalers are still optimistic about sales in November, although the degree waned.
Motor traders posted good sales in October and expected more improvements in November.
CBI Principal Economist Ben Jones sees a bump in economic recovery in the UK, with supply chain challenges, staff shortages, and uncertainty in public health conditions crippling winter planning. He calls for continued government support to the sector.
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