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UK Retail Sales Rise Again to Highest Level in Three Years in an Unexpected Boost for the Economy
- This year the Office for National Statistics reported retail sales rose 0.5% in September, pushing activity to its highest level since mid-2022.
- Good weather helped push clothing purchases, boosting in-store sales while the iPhone 17 and stronger computer and telecoms sales supported tech growth in the United Kingdom.
- Online spending metrics reveal that from July to September, online spending rose 3.5% quarter-on-quarter and 5% year-on-year, with non-store retailers climbing 3.8%.
- Economists noted the GDP impact as retail spending likely boosted third-quarter growth, the British pound briefly strengthened near $1.33, and investors revived expectations for a Bank of England rate cut.
- The central bank must weigh options as retail firms rally, facing a delicate balance between cutting rates and keeping policy tight as the GfK confidence index rose two points ahead of Chancellor Rachel Reeves' November 26 budget.
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Gold and iPhones give surprise boost to UK retail in September
British retail sales unexpectedly rose 0.5% in September, giving a lift to broader growth after a boost from tech sales - including Apple's new iPhone models - and demand for gold from online jewellers, official figures showed on Friday.
·United Kingdom
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UK retailers deliver surprise growth as tech sales buoyed by iPhone release
The Office for National Statistics (ONS) said the total volume of retail sales is estimated to have risen by 0.5% in September. Sales at UK retailers increased for the fourth consecutive month as the release of the iPhone 17 boosted tech sales, according to official figures. Meanwhile, the retail sector was also buoyed by strong demand for gold at online jewellers amid a rise in the value of the precious metal. The Office for National Statistics…
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Total News Sources24
Leaning Left3Leaning Right0Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 43%
C 57%
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