Retail sales fall
LONDON (AP) — Britain reported fresh economic woes from falling retail sales in May as the number of people moving home fell to the lowest level in 30 years, according to figures out yesterday.
British retail sales fell 0.4 percent in June compared to last year, the British Retail Consortium said in a report.
Sunny weather helped spur shopping in May but changeable weather — and tough underlying economic conditions — meant weaker sales in June.
"The negative result confirms fears May's modest like-for-like sales growth was a start-of-summer blip," BRC Director Stephen Robertson said.
There was bad news for Britain's troubled housing market too, according to the country's organisation of property professionals.
The Royal Institution of Chartered Surveyors said that real estate brokers were selling an average of just 15 properties each during the three months ending in June, the lowest level since it began collecting data 30 years ago.
The surveyors said many buyers were finding it difficult to get mortgages because of tightening credit conditions.
The BRC survey added to the "mounting evidence that consumers are now significantly reining in their spending — either out of choice or out of necessity — in the face of mounting handicaps," said Howard Archer, the chief UK and European Economist at Global Insight.
"The future path of consumer spending will play a key role in determining just how long and deep the UK's economic slowdown will be."