ADS
ADS

[ad_1]

ADS

Some perhaps encouraging headline data out of the UK, but the details are not so hot. Info via Reuters.

British Retail Consortium data:

  • total sales at chain
    stores +2.7% y/y in September, from +4.1% in August
  • like-for-like sales measure – which adjusts for
    changes in store space – slowed to show growth of 2.8% from 4.3%
    in August
  • “Sales growth in September slowed as the high cost of living
    continues to bear down on households,” BRC Chief Executive Helen
    Dickinson said, citing the recent increase in the price of
    petrol and diesel as well as a rise in housing costs.
  • Expensive items such as furniture and electricals performed
    particularly poorly while last month’s warm weather hit sales of
    autumnal clothing, Dickinson said.

ADS

Separate data from Barclays showed the pace of annual growth
in the amount of money spent on credit and debit cards increased
to 4.2% in September from August’s 2.8% rise

  • the
    acceleration was largely due to higher outlays on motor fuel
  • Jack Meaning, chief UK economist at Barclays, said the
    warning signs of wariness among consumers was filtering through
    into their spending decisions.
    “This suggests the outlook for consumers, and the businesses
    that rely on them, is weak, even as they finally see their
    disposable incomes rise faster than inflation,” Meaning said.
    “It makes it hard to see anything but a relatively stagnant
    economy on the horizon.”

[ad_2]

Source link

ADS
ADS

ADS
ADS

Leave a Reply

Your email address will not be published. Required fields are marked *