UK CBI sales balance to rise in July

The balance of reported sales dropped sharply to 29 in June from 51 in May. These violent monthly swings vastly exaggerate movements in the underlying trend of sales. 

The swings are caused by distortions related to the variable timing of Easter. 

"The underlying trend of consumer demand remains very firm and a minor increase is expected to be seen in the balance of sales in July", says Societe Generale.