CBI May retail sales balance much stronger than expected

British retail sales grew at their fastest pace in over a year in May and much more strongly than expected, helped by strong sales of clothing and durable goods, a survey by the Confederation of British Industry showed today.

The CBI monthly distributive trades survey’s reported sales balance rose to +21 from -6 in April, compared to economists’ forecasts for a -7 reading and the +19 expected by retailers themselves.

This was the highest balance since April 2011, and the expected sales balance for June to +25, its highest since February 2011.