Investing.com - Retail sales in the U.K. rose in line with expectations in November, underlining optimism over the country’s economic outlook, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said retail sales increased by a seasonally adjusted 0.3% last month, matching forecasts. Retail sales for October was revised down to a 0.9% drop from a previously reported 0.7% drop.
Year-on-year, retail sales rose at an annualized rate of 2% in November, below expectations for a 2.3% gain, after rising at a rate of 1.8% in October.
Core retail sales, which exclude automobile sales, inched up 0.4% last month, above forecasts for a 0.3% gain, after declining 0.7% in the preceding month.
Following the release of the data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.11% to trade at 1.6372, compared to 1.6385 before the data.
Meanwhile, European stock markets remained higher. London’s FTSE 100 rose 0.95%, the EURO STOXX 50 jumped 1.7%, France’s CAC 40 added 1.5%, while Germany's DAX increased 1.4%.
In a report, the U.K. Office for National Statistics said retail sales increased by a seasonally adjusted 0.3% last month, matching forecasts. Retail sales for October was revised down to a 0.9% drop from a previously reported 0.7% drop.
Year-on-year, retail sales rose at an annualized rate of 2% in November, below expectations for a 2.3% gain, after rising at a rate of 1.8% in October.
Core retail sales, which exclude automobile sales, inched up 0.4% last month, above forecasts for a 0.3% gain, after declining 0.7% in the preceding month.
Following the release of the data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.11% to trade at 1.6372, compared to 1.6385 before the data.
Meanwhile, European stock markets remained higher. London’s FTSE 100 rose 0.95%, the EURO STOXX 50 jumped 1.7%, France’s CAC 40 added 1.5%, while Germany's DAX increased 1.4%.