Investing.com - U.K. retail sales rose more than expected in September, official data on Thursday showed, adding to optimism over the outlook for third quarter growth.
The Office for National Statistics said retail sales rose 0.6% in September from a month earlier, compared to expectations for a 0.4% increase. The previous months figure was revised to a decline of 0.8% from a previously reported 1% drop.
Core retail sales were 0.7% higher on a month over month basis, beating expectations for an increase of 0.3%.
On a year-over-year basis, retail sales rose 2.2%, slightly better than forecasts for a 2.1% gain. Core retail sales were 2.8% higher in September from a year earlier.
Following the release of the data, the pound was sharply higher against the weaker dollar, with GBP/USD jumping 0.80% to 1.6074, and was slightly higher against the euro, with EUR/GBP slipping 0.11% to 0.8474.
The Office for National Statistics said retail sales rose 0.6% in September from a month earlier, compared to expectations for a 0.4% increase. The previous months figure was revised to a decline of 0.8% from a previously reported 1% drop.
Core retail sales were 0.7% higher on a month over month basis, beating expectations for an increase of 0.3%.
On a year-over-year basis, retail sales rose 2.2%, slightly better than forecasts for a 2.1% gain. Core retail sales were 2.8% higher in September from a year earlier.
Following the release of the data, the pound was sharply higher against the weaker dollar, with GBP/USD jumping 0.80% to 1.6074, and was slightly higher against the euro, with EUR/GBP slipping 0.11% to 0.8474.