UK DATA: Oct Retail Sales +0.6% m/m; 0.9% y/y;median -0.2% m/m;-0.1% y/y
–Oct Retail Sales ex fuel +0.6% m/m; 0.9% y/y;median-0.4% m/m;-0.2% yy
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Retail sales volumes rose firmly for the second consecutive month
in October as shops brought forward pre-Christmas sales and attracted
customers with promotions. Sales were up 0.6% on the month in October,
way above the median for a 0.2% fall, with reality on the High Street
not tallying with many of the more gloomy stories seen recently. On the
year sales were up 0.9% compared with the median of a 0.1% fall. Both
the CBI and BRC retailing surveys have painted a downbeat picture of the
sector recently but sales have now risen firmly for the past two months.
Customers do seem to be at least coming out to spend and today’s figures
could prompt some economists to revise up their forecasts for household
spending during Q4.