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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 MAR RETAIL SALES -0.9% M/M (FCST -0.5%); FEB +1.1%r M/M
- UK retail sales contracted slightly more than anticipated in the March data, falling by -0.9% m/m and -1.0% m/m ex. fuel. Sales volumes were -3.1% below March 2022 levels, and -0.7% compared to pre-covid February 2020 levels, indicating total retail sales have not fully recovered since the pandemic onset.
- Sales rose by +0.6% in the three months to March, implying a +0.03pp contribution to GDP in Q1 (after a -0.05pp Q4 contribution). ONS Director of Economic Statistics Darren Morgan said: "the broader trend is less subdued, as a strong performance from retailers in January and February means the three-month picture shows positive growth for the first time since August 2021."
- Poor weather conditions affected sales in March, cited as a ground for the -1.3% m/m fall in non-food store sales. Further contractions were recorded across food stores (-0.7% m/m) and online (-0.8% m/m), whilst fuel sales rose +0.2% m/m.
- The volatility of retail sales alongside the minimal impact on total GDP mean this data will be largely overlooked by the Back of England. The stronger-than-anticipated wages and inflation data seen this week remains the key concern.
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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