FOREX TradingCharts.com

Financial News: UK Retail Sales Rise Most In 4 Months

UK Retail Sales Rise Most In 4 Months

09/20/2017 - 07:39:00 (RTTNews)

(RTTNews) - UK retail sales grew the most in four months in August as consumers spend more despite higher inflation, vindicating a possible stimulus withdrawal in the months ahead.

According to data published by the Office for National Statistics, the retail sales volume including auto fuel advanced 1 percent in August from July, the biggest growth in four months, exceeding the expected rate of 0.2 percent and July's increase of 0.6 percent.

Sales increased for the third straight month and a similar sequence of growth was last reported in the first half of 2015.

Excluding auto fuel, retail sales also climbed 1 percent in August after rising 0.7 percent a month ago. Sales were expected to rise slightly by 0.1 percent.

Food store sales gained 0.2 percent and non-food store sales advanced 0.9 percent. Clothing and footwear sales dropped 0.2 percent, while auto fuel sales climbed 0.6 percent.

Year-on-year retail sales volume growth improved to 2.4 percent from 1.4 percent. Economists had forecast a 1.2 percent increase. Sales advanced for the 52nd consecutive month.

Excluding auto fuel, retail sales gained 2.8 percent versus July's 1.7 percent increase and far exceeded the expected 1.4 percent.

Both non-food stores and non-store retailing registered their highest annual price growth since March 1992.

Retail sales figures indicate that consumers are showing impressive resilience in the face of the real pay squeeze and suggest that talk of the economy losing further momentum has been overdone, Ruth Gregory, a UK economist at Capital Economics, said.

A moderate pick-up in household spending in the third quarter should help the economy to re-accelerate a little ahead and adds weight to the assessment that the Bank of England will hike interest rates in November, the economist added.

However, Agents' summary of business conditions of the Bank of England, released Wednesday, showed that retail sales growth had remained subdued in values terms, especially in non-food sectors.

Growth was challenged by modest rises in earnings and weakening consumer confidence. Demand for clothing and footwear had been depressed by poor weather, the summary said.

The Organisation for Economic Co-operation and Development said Wednesday the slowdown in the UK growth is expected to continue through 2018, while uncertainty remains over the outcome of negotiations around the Brexit decision.

The Paris-based OECD maintained its UK growth projection at 1.6 percent this year and 1 percent in 2018.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Existing Home Sales Unexpectedly Rebound In September (41 min(s), 41 sec(s) ago)
(RTTNews) - After reporting U.S. existing home sales at their lowest level in a year in the previo ...Full Story»

Bank Of Italy Estimates Q3 Growth At 0.5% (35 min(s), 41 sec(s) ago)
(RTTNews) - Italy's economic growth improved slightly in the third quarter, led by strong perf ...Full Story»

Bank Of Italy Sees Q3 Growth Of 0.5% (34 min(s), 41 sec(s) ago)
(RTTNews) - Italy's economic growth improved slightly in the third quarter, led by strong perf ...Full Story»

Bank Of Korea Likely To Keep Rates Low For A Prolonged Period (20 min(s), 41 sec(s) ago)
(RTTNews) - The Bank of Korea is likely to keep the policy rate at 1.25 percent not just for the r ...Full Story»

UK Logs Decade Low Budget Deficit For September (50 min(s), 41 sec(s) ago)
(RTTNews) - The UK budget posted the smallest budget deficit in a decade for the month of Septembe ...Full Story»

Italy's Current Account Surplus Rises In August (31 min(s), 41 sec(s) ago)
(RTTNews) - Italy's current account surplus increased in August from the previous year, the Ba ...Full Story»

Latvia Producer Price Inflation Unchanged (28 min(s), 41 sec(s) ago)
(RTTNews) - Latvia's producer price inflation was unchanged in September, as an acceleration i ...Full Story»

BoJ Chief Says Economy Well Balanced By External, Domestic Demand (58 min(s), 41 sec(s) ago)
(RTTNews) - The Japan economy has been well-balanced by both external and domestic demand, Bank of ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Existing Home Sales Unexpectedly Rebound In September

10/20/2017 - 10:21 AM (RTTNews)
(RTTNews) - After reporting U.S. existing home sales at their lowest level in a year in the previo ...Full Story>>

Bank Of Italy Estimates Q3 Growth At 0.5%

10/20/2017 - 10:15 AM (RTTNews)
(RTTNews) - Italy's economic growth improved slightly in the third quarter, led by strong perf ...Full Story>>

Bank Of Italy Sees Q3 Growth Of 0.5%

10/20/2017 - 10:14 AM (RTTNews)
(RTTNews) - Italy's economic growth improved slightly in the third quarter, led by strong perf ...Full Story>>

Bank Of Korea Likely To Keep Rates Low For A Prolonged Period

10/20/2017 - 10:00 AM (RTTNews)
(RTTNews) - The Bank of Korea is likely to keep the policy rate at 1.25 percent not just for the r ...Full Story>>

UK Logs Decade Low Budget Deficit For September

10/20/2017 - 08:30 AM (RTTNews)
(RTTNews) - The UK budget posted the smallest budget deficit in a decade for the month of Septembe ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.