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 rose in October, recovering from the weak sales seen in September when many retailers closed or operated differently on the extra bank holiday for the late Queen’s funeral, the Office for National Statistics said Friday.
Overall retail sales rose 0.6% month-on-month, recovering from a 1.5% fall seen last month, but fell 6.1% year-on-year. Compared with February 2020, sales are still 0.6% lower overall. “Looking at the broader picture, retail sales continue their downward trend seen since summer 2021 and are below where they were pre-pandemic,” Darren Morgan, ONS director of economic statistics said.
Retail sales will likely remain pressured in coming months, as households across the UK see income squeezed as costs continue to rise. On Thursday, the Office for Budget Responsibility said real household incomes would fall by over 7% in the next two years. "Following (Thursday's) Budget, the Office for Budget Responsibility pointed to a 7% real-terms decline in household income which is going to be a terrible weight on sentiment in coming months," Joe Staton, the head of GFK's Client Strategy told MNI Thursday (MNI INTERVIEW: UK Confidence Up, But Remains Depressed-Gfk).
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.