UK retail sales see strong growth in October
LONDON (Reuters) - British retail sales volumes grew at their fastest pace in almost two years in October, a survey indicated on yesterday, with retailers more upbeat about future prospects than at any time since July 2007.
The Confederation of British Industry's distributive trades survey reported sales balance rose to +8 in October from +3 in September. That beat the consensus forecast of a rise to +5 and was the highest reading since December 2007.
For November, retailers expect a balance of +19, their most optimistic outlook since July 2007, around the start of the credit crunch, and plan to place their highest volume of orders with suppliers since November 2007.
"The latest official data shows the economy is still in recession, however the retail sector seems to be finding its feet again after a challenging year," said Andy Clarke, chief operating officer of Asda.