UK Retail Falls in August But Underlying....>

UK DATA: UK Retail Falls in August But Underlying Trend Resilient

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UK AUG RETAIL SALES -0.2 M/M, +2.7% Y/Y, BELOW BBG F/C

ONS: UK~AUG SALES EX NON-STORE RETAILING +0.2% M/M

UK AUG RETAIL SALES EX-FUEL -0.3% M/M, +2.2% Y/Y  

UK JULY RETAIL REVISED TO +0.4% M/M FROM +0.2% PREVIOUS

UK AUG IMPLIED PRICE DEFLATOR +0.6% Y/Y VS +0.8% JUL

UK RETAIL SALES LIKELY TO LIFT Q3 GDP

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UK August retail sales fell short of expectations (Bbg f/c no 

change), dampened by a 3.2% m/m drop in non-store retailing (largely 

internet-only outlets). That fall follows a 7.6% surge in July, likely 

powered by Amazon promotions (although ONS officials refuse to name 

individual retailers). July sales were revised higher, suggesting that 

volumes could fall by as much as 1.7% in September and leave the sector 

on level-pegging with Q2.