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Tuesday, the Distributive Trades Survey from the Confederation of British Industry showed that conditions in the retail sector are beginning to stabilize.
Around 39% of retailers said annual sales volume increased in September, while 36% reported decline. The resulting balance of 3% was better than expected and follows four straight months of falling sales. Further, retailers expect sales to remain broadly flat in October.
Chairman of the CBI Distributive Trades Panel and Chief Operating Officer of Asda, Andy Clarke said, "However, with unemployment rising, wage growth low, and consumers building up their savings, spending is likely to remain subdued for some time."
Retailers said the volume of orders placed with suppliers eased modestly and expect it to stabilize next month.
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