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UK DATA: UK Retail Sales (Aug 2019) Preview - 0930 BST 19/09/19
- 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.
MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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