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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 DATA
MNI (London)
UK NOV RETAIL SALES EX AUTO -0.3% (FCST +0.3%); OCT +0.7%r M/M
UK NOV RETAIL SALES EX AUTO -5.9% Y/Y (FCST -5.8%); -6.4%r Y/Y
- UK retail sales fell in November, contracting by 0.3% m/m and by 5.9% y/y.
- The key downward contribution came predominantly from online retailers, which have experienced falling sales since mid-2021. Auto fuel sales fell -1.7% m/m to 8.7% below Feb 2020 levels, and non-food store sales declined by -0.6% m/m to 1.8% below Feb 2020 levels.
- Food store sales remained expansionary at +0.9% m/m as consumers stocked up for Christmas in advance.
- Black Friday sales failed to offer much support this year, and compared to pre-pandemic levels, total retail ex. fuel was down -0.7%.
- According to an ONS spokesperson, retail sales would have to jump by 3.0% m/m in December in order to deliver a flat reading from retail sales to Q4 GDP.
- Against the current economic backdrop of high inflation, weak real wage growth and dampened consumer confidence, retail is set to drag on Q4 GDP.
Source: ONS
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.
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