Trial now
US EURODLR OPTIONS

Light Upside Call Spds

USDJPY TECHS

Dips Considered Corrective

EURGBP TECHS

Trend Signals Remain Bearish

MNI BRIEF: UK Retail Sales Lower, Set To Weigh On Q3 GDP

MNI (London)
(MNI) London

UK retail sales decline for a 4th straight month and need sharp September recovery to help push GDP higher.

True
Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

UK retail sales were lower again in August on a monthly level and recorded no growth on an annual reading, data released Friday showed, confirming industry warnings reported in MNI's latest Reality Check. Month-on-month, sales fell 0.9% on both a total and ex-fuel basis, and now need to show a hefty 12.4% m/m gain in September for retail sales to be a positive contributor to Q3 GDP -- and apart from the May/June period in 2020 as we reopened from the initial lockdowns, that level of m/m growth has not been seen since the current time series began in 1996.

Year-on-year, total sales were unchanged on year, with sales ex-fuel lower by 0.9% -- and both were revised lower in July, although both indices remain above pre-pandemic levels.

It is the first run of 4 consecutive on month declines since at least 1996, the Office for National Statistics said Friday.