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UK retail sales grow at softer pace in July

 UK retail sales grow at softer pace in July

Mubasher: UK retail sales recorded a slight growth slowdown in July after hitting an almost three-year high in June when non-essential shops reopened from a coronavirus shutdown, Reuters reported on Tuesday, citing data by the Confederation of British Industry (CBI). 

The volume of retail sales grew by 23% in July, compared to 25% a month earlier, which was the fastest growth pace since August 2018, data showed. 

In the meantime, orders grew at the quickest pace since December 2010, the CBI said. 

Ben Jones, a principal economist at the CBI, said that “consumer demand continues to support the UK’s economic recovery."

While demand may be more stable, operational issues worsen. Relative stock levels are at a record low and expected to fall further still, while the number one worry for many firms at the minute is labour shortages throughout the supply chain as staff self-isolate," Jones pointed out.