Economics
U.K. Retail Sales Plunge at Fastest Annual Pace in Eight Years
- CBI index drops to its lowest level since March 2009
- Consumers also becoming worried about falling house prices
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U.K. retail sales are falling at the fastest pace since the depths of the recession in 2009 and worries about the housing market could exacerbate the weakness in consumer spending seen this year.
The Confederation of British Industry said its measure of sales plunged to minus 36 in October -- the lowest since March 2009 -- from a positive 42 in September. Sales for the time of the year were slightly below the usual seasonal rates, it said.