U.K. Retail Sales Stagnate In September
20 Outubro 2016 - 5:49AM
RTTF2
U.K. retail sales remained unchanged for a second month in
September as higher prices and warm weather weighed on clothing
sales.
There was no change in the sales volume compared with August,
the Office for National Statistics reported Thursday. Economists
had forecast a 0.3 percent increase for September following nil
growth in August.
Sales excluding auto fuel also remained flat in September.
Economists had forecast a 0.2 percent rise.
Retail sales volume increased 4.1 percent year-on-year in
September. All store types except textile, clothing and footwear
stores showed growth with the largest contribution coming from
non-store retailing.
Nonetheless, the pace of growth eased from 6.6 percent in
August. Economists had forecast a 4.7 percent annual increase.
Also, the 4.1 percent growth was the weakest since June.
Excluding auto fuel, retail sales advanced 4 percent, but slower
than the expected growth of 4.4 percent and August's 6.2 percent
expansion.
Food and non-food store sales slid 0.2 percent each in
September. Clothing and footwear sales dropped 2.8 percent, which
was countered by a 3.7 percent increase in household goods
sales.
In the third quarter, retail sales increased 1.8 percent from
previous three months, the biggest since the fourth quarter of
2014.
It seems unlikely that this strength will last in the face of
softer employment and wage growth and higher inflation, Ruth
Gregory, a UK economist at Capital Economics, said.
IHS Global Insight Economist Howard Archer, said the quarterly
retail sales growth fuels belief that the consumer played a leading
role in the apparent resilience of the economy following June's
Brexit vote.
However, the positive fundamentals for consumers are now
starting to be diluted - particularly by rising inflation - and
this seems set to become a mounting problem for the economy over
the coming months, Archer added.
The preliminary GDP data is due on October 27.
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