In the UK, the BRC Retail Sales Monitor revealed transaction values declined -1.2% in the year to March. The metric has fallen in 9 out of the past 10 months. BRC director Stephen Robertson said “Customers are still worried about jobs and their own finances - so they’re keeping spending under tight control.” The unemployment rate ticked up to a 10-year high at 4.3% in February and is expected to average as high as 7.3% this year. Job losses are likely to weigh on disposable incomes, discouraging consumption and weighing on overall economic growth. A survey of economists conducted by Bloomberg forecasts total output will shed -3.6% in 2009.