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 softened in September as petrol shortages took a tool on consumer confidence, according to a survey released by the British Retail Consortium and KPMG on Tuesday. Same-store sales declined by 0.6% over September of 2020, when transactions rose by an annual pace of over 6%. That's well below the three-month average growth of 1.7% and the 12-month pace of 10.2%.
The BRC data suggest that retail sales could create a significant drag on third quarter output. After declining by 0.9% in August — following a 2.8% plunge in July, according to official data — volumes must rise by 12% between August and September for retail to make a positive contribution to Q3 GDP, according to the ONS.
Total sales rose by a modest 0.6% last month, falling short of the three-month growth pace of 3.1% and the 12-month rate of just under 10%., with the BRC saying there are signs "that consumer confidence is being hit as the fuel shortages, combined with wetter weather, had an impact in the second half of the month." "An uncertain backdrop and slower growth means Q4 looks challenging," group CEO Helen Dickenson added.
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.