Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK retail sales growth decelerated markedly in August, according to the BRC, raising questions about the strength of consumer spending in the third quarter. Like-for-like sales increased by 1.5% over the same period of 2020, well below the three-month average growth of 4.5%. Total sales rose by 3.0%, undershooting the three-month average of 6.9% and the 12-month average of 10.3%.
Online non-food sales fell by an annual rate 4.6% last month, worse than the three-month average fall of 3.5%.
Consumer spending surged by 7.3% in the second quarter, accounting for 4.1 percentage points of the 4.8% jump in Q2 GDP, with retail sales adding 0.6 percentage points. But the weak August BRC retail data, following a 2.5% decline in official sales volumes in July, suggest that consumer spending is unlikely to provide a similar boost in Q3, which could give pause to the BOE as it assesses the state of the economy.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.