Retail sales suffering says CBI
The weaker housing market is having a big impact on the retail sales according to the latest Distributive Trades survey from the CBI.
Some 53% of retailers surveyed in April described sales as poor against 15% who said they were good. The balance of minus 38 is the weakest since November 1992.
The results are in stark contract to recent official figures from the Office of National Statistics showing a strong first quarter for 2008. They are likely to fuel more debate about the accuracy of the ONS data.
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"There is no doubt that consumers are tightening their belts as the mood about the economy and its outlook worsens. The trend has been one of slowing growth and now we've seen a fall in sales volumes, particularly so far goods related to the housing market," Ian McCafferty, the CBI's chief economic adviser said.
The poor weather this year and the unusually early Easter affected the figures, but the CBI said that on a three-month basis sales were also sharply lower. Specialist food, DIY and durable household goods products were especially hard hit last month.
