economic report Posts on Forex Blog
UK: RICS, Retail Sales Down
Aug 11, 2008
The latest RICS and retail sales surveys show continued deterioration in the UK economy.
In the latest RICS survey, 93.9% of 303 contributors reported declining home values. This was somewhat above market expectations for a a reading of -88%. Nevertheless, July home sales set another record low, reading at a pace of 14.4, down 40.4% for the year. And, the ratio of unsold property vs completed sales fell to 17.2%, the lowest ;eve; in 13 years.
The news was not much better on the retail front. BRC data indicates same store sales declined -0.9% in July vs a previous rate of -0.4% in June. Total sales decline to +1.7% vs 2.1% in June.
The UK Consumer Price Index and Trade Balance will be reported early tomorrow morning.
GBP, retail sales, economic report, RICS, Pound
