Investing.com – Retail sales in the U.K. rose for the second consecutive month in October, confounding expectations for a modest decline, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said retail sales rose by a seasonally adjusted 0.6% in October, confounding expectations for a 0.2% decline.
Retail sales for September were revised down to a 0.5% gain from a previously reported 0.6% increase.
Year-on-year, retail sales rose at an annualized rate of 0.9% in October, compared to expectations for a 0.1% decline.
Core retail sales, which exclude automobile sales, rose 0.6%, beating expectations for a 0.1% drop.
The ONS said the rise in October sales volumes were driven by earlier than usual pre-Christmas promotions.
Following the release of the data, the pound remained higher against the U.S. dollar, with GBP/USD easing up 0.14% to trade at 1.5752.
Meanwhile, European stock markets were down after the open. The FTSE 100 fell 0.85%, the EURO STOXX 50 slumped 0.8%, France’s CAC 40 tumbled 1.15%, while Germany's DAX dropped 1%.
In a report, the U.K. Office for National Statistics said retail sales rose by a seasonally adjusted 0.6% in October, confounding expectations for a 0.2% decline.
Retail sales for September were revised down to a 0.5% gain from a previously reported 0.6% increase.
Year-on-year, retail sales rose at an annualized rate of 0.9% in October, compared to expectations for a 0.1% decline.
Core retail sales, which exclude automobile sales, rose 0.6%, beating expectations for a 0.1% drop.
The ONS said the rise in October sales volumes were driven by earlier than usual pre-Christmas promotions.
Following the release of the data, the pound remained higher against the U.S. dollar, with GBP/USD easing up 0.14% to trade at 1.5752.
Meanwhile, European stock markets were down after the open. The FTSE 100 fell 0.85%, the EURO STOXX 50 slumped 0.8%, France’s CAC 40 tumbled 1.15%, while Germany's DAX dropped 1%.