UK Retail Sales (Aug 2019) Preview - 0930...>

UK DATA: UK Retail Sales (Aug 2019) Preview - 0930 BST 19/09/19

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- BBG: 0.0%m/m; 2.8%y/y; Prev (Jul): 0.2%m/m, 3.3%y/y 

- Ex. Fuel: BBG: -0.3% m/m, 2.3% y/y; Prev (Jul): 0.2% m/m, 2.9% y/y 

- Markets look for monthly retail sales to remain unchanged in Aug following

July's drop to 0.2%. 

- July's deceleration was driven by a sharp fall in household goods stores and

other stores while non-store retailing revealed the largest upward pressure. 

- Fwd-looking survey evidence remains subdued: 

- Retail sales flatlined in Aug according to the BRC-KPMG report, while the VISA

spending survey outlined a drop of 1.3% y/y in consumer spending in Aug,

revealing the 11th consecutive decline in expenditure. 

- Meanwhile, consumer confidence dropped by 3 pts to -14, hitting the lowest

level since Jan. 

- However, with unemployment at low levels and avg. weekly earnings rising,

household consumption should have a positive contribution to economic growth.