U.K. bank holiday boost to sales

The CBI Distributive Trades survey reports U.K. sales volumes compared to a year earlier. The balance of reported sales actually rose from 21 to 24 in August, even though the official data showed a fall in yoy growth from 4.0% to 3.5% yoy. 

In September last year, the country's sales fell by 0.7% mom so, even if sales were just flat this September, that would have boosted the yoy rate by the same amount. Moreover, the September survey will have encompassed the bank holiday weekend which might have boosted sales.

In summary, therefore, the CBI survey is expected to indicate a jump in the balance of reported sales from the 24 recorded in August, says Societe Generale.