Latest data released by ONS - 23 October 2020
- Prior +0.8%
- Retail sales +4.7% vs +3.7% y/y expected
- Prior +2.8%
- Retail sales (ex autos, fuel) +1.6% vs +0.5% m/m expected
- Prior +0.6%
- Retail sales (ex autos, fuel) +6.4% vs +5.0% y/y expected
- Prior +4.3%
Slight delay in the release by the source. The bright spot is that non-food store sales have recovered rather well, rising 1.7% above their February levels, according to ONS. Meanwhile, retail sales volumes in Q3 increased by 17.4% - the largest on record.
That spells out the narrative that spending and consumption is still relatively robust during the recovery phase but amid concerns surrounding the labour market and businesses in Q4, it remains to be seen if this can keep up over the coming months.
