Retail sales up more than expected in September (+0.6%)
In September, retail sales increased more than expected, up by 0.6% m/m. They were up by 1% q/q in Q3. This rise boosts hopes that private consumption as well as overall economic growth recovered over the third quarter.
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In September, retail sales increased more than expected, up by 0.6% m/m. They were up by 1% q/q in Q3. This rise boosts hopes that private consumption as well as overall economic growth recovered over the third quarter.
- In September, retail sales increased by 0.6% m/m. They were up 2.5% when compared to a year earlier and rose 1% q/q in Q3. This rise boosts hopes that private consumption as well as overall economic growth recovered over the third quarter.
- Non-food sales and on-line sales drove the increase in total retail sales. Non food sales were up 1.2% m/m in September, after +-0.2% m/m in August, while food store sales decreased by 0.2% m/m over the period. Sales in clothing jumped 2%, as consumers put off purchases of school uniforms until early September. In addition new winter collections have increased sales. Household goods sales were up 1.1% m/m. Online sales were up 1.4% m/m.
- Overall the risk remains that pressurized and worried consumers will put away their purses and wallets for an extended period of time. The Bank of England’s Agents pointed in the October Summary of business conditions (a local monthly survey on the state of business conditions from companies across all sectors of the economy) released yesterday that shifts in market share, away from the high street and mid-market retailers and towards discount stores and destination shopping centres, remained the main feature of firms’ growth, rather than any significant pick up in overall spending. Nonetheless cooling inflation to 2.2% in September (see Ecoflash # 12-290) coupled with improved conditions on the job market (the jobless rate fell below 8% to 7.9% in July, the lowest level since May 2011) helps reduce the squeeze on consumers’ finances.
To Read the Entire Report Please Click on the pdf File Below.