U.K. Retail Sales Index Drops to -44

U.K. CBI March retail sales survey index fell to -44, worse than the Reuters median estimate for -35 and following an unexpected improvement to -25 in February. Meanwhile, the April expectations balance fell to -42 from -33 for March. CBI data hence suggest that the retail sector is indeed feeling the pressure from the credit crunch, rising unemployment and depressed consumer confidence, after having held up relatively well in Q4 of 2008 and in January.