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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: bruiser98 who wrote (29716)	5/10/2005 2:42:02 AM
From: mishedlo	Respond to of 116555

did it dip a full quarter point below the FF rate? Mish

To: bruiser98 who wrote (29716)	5/10/2005 3:13:13 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

UK like-for-like retail sales slump to 10 year low in April - BRC Monday, May 9, 2005 11:16:29 PM afxpress.com LONDON (AFX) - UK retail sales slumped to a 10-year low in April as a combination of factors, including the run-up to the general election came together to keep Britons away from the high street, the British Retail Consortium said today Its monthly retail sales monitor found that like-for-like sales -- which exclude the impact of new stores or additional retail space -- plunged 4.7 pct from a year ago. The dismal reading is the worst in the 10 year history of the survey. Meanwhile, total sales, which includes new stores and space, fell 1.3 pct -- the lowest level in six years. The falls in April effectively cancel out the stronger-than-expected performance in March when sales rose 5.4 pct for total sales and 1.8 pct for the like-for-like sales The decline in the latest month was only partly exaggerated by comparison with April 2004, which included Easter, BRC said. Trade worsened across the board but especially for discretionary purchases and non-essentials. The few warmer days gave temporary respite for some stores but was insufficient to prevent falls for the month as a whole. Consumer caution and the slowing housing market continued to hit sales of big-ticket items, particularly white electrical goods and furniture. Younger fashion clothing and footwear benefited when the sun shone but trade overall was tough, it added. "A slowing housing market, pre-election economic uncertainty and the continuing threat of interest rate rises dominated consumer confidence in April. With figures like these, it is crucial that the Bank of England consider a gradual reduction in interest rates another increase is the last thing retailers and consumers need," said Kevin Hawkins, Director General of the BRC The survey signals that the Bank of England may have already done enough to rein in robust consumer spending and borrowing levels. Seen together with the recent spate of weak UK data, the odds are shortening on the chances of an interest rate reduction before the year is out