LONDON (MNI) – Retail sales were surprisingly strong in February
according to the CBI survey, after official data showed two robust
months in December and January.
The headline February reported sales volume balance came in -2%,
sharply up from -22% in January, and above analysts’ median forecast for
a -12% outturn. The expected orders volume balance for March rose to -3%
from -23% for February and with these balance all just below the neutral
level, the CBI said the data showed the sector stabilising.
February’s three month moving average rose to -5% from January’s
-11%, the highest outturn since last July. Bank of England Monetary
Policy Committee members’ have talked about consumption picking-up in
the second half of the year as the squeeze on real earning eases as
inflation comes down, but retail sales data have shown a marked pick-up
at the start of 2012.
–London bureau: 44 20 7862 7491; email: drobinson@marketnews.com
[TOPICS: MABDS$,M$B$$$]
