British retailers cut jobs by the largest amount since the depths of the financial crisis during the year to August and expect the pace of losses to accelerate, the Confederation of British Industry said on Tuesday.
The CBI data also showed an unexpected drop in its monthly retail sales balance, which fell to -6 in August from July's 15-month high of +4. This was below all forecasts in a Reuters poll of economists, which had predicted a strengthening to +8.The downbeat tone of the CBI data contrasts with most other indicators, including official figures which showed the volume of retail sales rose above pre-pandemic levels in July.
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