UK DATA: Nov Retail Sales inc. fuel +0.3% m/m; +1.1% y/y
–Nov retail sales ex fuel +0.3% m/m; +1.8% y/y
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Retail sales volumes rose 0.3% m/m in Nov a little below the median
forecast for a 0.4% rise. NS said there was some evidence the final week
was hit by poor weather. There were, however, up revisions to the
previous two months with Oct revised up to +0.7% m/m from +0.5% and Sep
revised to -0.4% m/m from -0.5%. Food store sales were up 0.6% m/m while
non-food were up 0.2%. It was a mixed picture with clothing down
0.1%, department stores down 0.6% and household goods down 1.1%. Other
store sales were up 2%. Ex auto fuel sales were also up 0.3% m/m.
Overall this is really a steady as she goes report with sales still
increasing and so far survey evidence for Dec has been positive —
although Dec could also be hit by poor weather.