BRC: There will be no recession

Mon 4 Aug 2008 at 3:35 PM

The British Retail Consortium has said there will be no recession despite weakened consumer spending growth.

It acknowledged the economy is faltering "but we are not expecting to actually see the economy shrink this year or next".

Richard Dodd, spokesperson, talking about the retail sector said: "We are not expecting recession."

However: "It is perfectly possible that we will see consumer spending growing more slowly than the overall economy."

The Confederation of British Industry recently reported 61 per cent of respondents to its study said sales were lower than last year and a similar fall in sales was expected for August.

Technical recession is two periods of negative growth, something which would threaten prospects in commercial jobs across several sectors.

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