Summer Doldrums: U.K. Retail Sales in Longest Decline Since 1996

U.K. retail sales dipped in August, marking the fourth straight month of sales declines for the sector – the longest stretch in at least 25 years, Bloomberg reports.

Sales of goods sold in stores and online fell 0.9 percent in August, following a 2.8 percent decrease in July. Food sales suffered in particular, as consumer spending shifted toward eating out and entertainment with lockdowns lifted.

The article offers context:

“Doubts are growing about the outlook for consumer spending, which powers the British economy. Covid-19 cases are rising and millions of households now face a sharp squeeze on living standards after a surge in inflation. Meanwhile, Brexit and the pandemic have dried up the pool of workers retailers rely on and created supply-chain disruptions.”

Read more at Bloomberg.