British retail sales unexpectedly rise by 0.5% in August
Online and department store sales helped offset a 0.2% forecast decline, while fuel sales fell 1.3%, the Office for National Statistics said.
- British retail sales unexpectedly rose 0.5% in August, defying economist forecasts of a 0.2% decline, official Office for National Statistics figures showed on Friday.
- Online channels and department store spending drove the monthly increase, though fuel sales fell 1.3% compared with July as the Iran war pushed prices higher.
- Overall sales volumes were 2.4% higher than August last year, though major retailers including Next and Primark reported subdued updates, suggesting broader economic concerns.
- Clothing retailer Next cut its forecast for sales growth in coming months, while the John Lewis Partnership reported wider first-half losses, reflecting these mixed corporate results.
- Prime Minister Andy Burnham and finance minister John Healey face limited options for giveaways in the October 28 budget, as the Bank of England maintains cautious interest rate policies.
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34 Articles
UK Retail Sales Recover Unexpectedly
UK retail sales rebounded unexpectedly in August underpinned by online shopping and warm weather boosted sales of seasonal items, data from the Office for National Statistics revealed Friday. Retail sales grew 0.5 percent on a monthly basis, offsetting July's 0.5 percent fall. Sales were expected to drop 0.2 percent.
UK retail sales recovered in August, driven by online sales and without suffering the impact of inflation acceleration. Exclusive material for subscribers. To have full access, access the link of the material and register.
British retail sales defy forecasts with surprise August rise
UK retail sales unexpectedly rose in August, defying forecasts of a decline. Despite renewed pressure from higher fuel prices, hot weather drove a strong rebound in both online shopping and department store sales. Economists had expected sales to fall 0.2 per cent but sales volumes rose 0.5 per cent during the month, reversing a 0.5 [...]
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