uk retail sales slide in december
Last Updated : GMT 05:07:50
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

After Black Friday Boost

UK retail sales slide in December

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleUK retail sales slide in December

British shop sales slid by much more than expected
London - Muslimchronicle

British shop sales slid by much more than expected in December, capping off the weakest year for retail since 2013 as consumers squeezed by the Brexit hit to prices continued to keep a tight grip on spending.

Retail sales volumes dropped 1.5 percent from November, the Office for National Statistics (ONS) said, well below economists' forecasts of a monthly dip of 0.6 percent in a Reuters poll, and more than reversing a 1.0 percent rise in November.

That marked the biggest month-on-month fall since June 2016, the month Britons voted to leave the European Union, as well as the weakest December performance for seven years.

Britain's economy slowed in 2017 as higher inflation - caused by the post-referendum fall in the pound - hurt the spending power of consumers, although forecasts of a bigger hit to growth were confounded.

Friday's data pushed the pound down against the dollar and British government bond prices hit a session high.

The Bank of England, which is considering when to follow up on November's first rate hike in a decade, expects the squeeze will ease in 2018 as inflation cools and wage growth ticks higher. Recent surveys of consumers suggest they do not share the central bank's optimism right now.

"The longer-term picture is one of slowing growth, with increased prices squeezing people's spending," ONS statistician Rhian Murphy said about Friday's data.

Many shoppers brought forward their Christmas spending into November to take advantage of Black Friday sales promotions, the ONS said.

Black Friday promotions have become commonplace in Britain only in the last few years, making it difficult for the ONS to adjust its data so figures for November and December can be compared easily from year to year.

But whatever distortions were caused by Black Friday sales, analysts were doubtful it did retailers any good.

"All of this discounting is likely to have decimated profit margins and retailers will be counting the cost," said Richard Lim, chief executive at consultancy Retail Economics.

On Friday, Britain's biggest floor coverings retailer Carpetright (L:CPRC) lost almost half of its stock market value after it warned on its full-year profits, blaming a drop in consumer confidence.

Retailers have reported mixed fortunes over the Christmas period.

Last week Britain's biggest retailer Tesco (L:TSCO) missed forecasts for Christmas trading as strong food sales were undermined by weak demand for general goods such as DVDs and computer games. Discount supermarkets saw strong growth.

Looking at the fourth quarter as a whole, which smooths out monthly volatility in the data, the ONS said sales growth slowed to 0.4 percent, compared with 0.8 percent in the third quarter.

As a result, retail sales will contribute almost nothing to economic growth in the last three months of 2017.

Retail sales volumes for 2017 as a whole grew by 1.9 percent, a far cry from the 4.7 percent increase in 2016 and marking the weakest full-year performance since 2013.

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uk retail sales slide in december uk retail sales slide in december

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicleSkincare PR Performance Full Year 2017

GMT 09:06 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Themuslimchronicle, themuslimchronicleEurope brings on charm and blue skies

GMT 08:37 2018 Tuesday ,23 January

Europe brings on charm and blue skies
Themuslimchronicle, themuslimchronicleModern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Themuslimchronicle, themuslimchroniclePuigdemont candidate for Catalan president

GMT 08:25 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Themuslimchronicle, themuslimchronicleAmazon to open first cashierless shop

GMT 08:31 2018 Tuesday ,23 January

Amazon to open first cashierless shop
Themuslimchronicle, themuslimchronicleThe Rake announces editorial updates

GMT 08:20 2018 Wednesday ,17 January

The Rake announces editorial updates
Themuslimchronicle, themuslimchronicleAirbus to get '10 years of visibility'

GMT 08:39 2018 Monday ,22 January

Airbus to get '10 years of visibility'
Themuslimchronicle, themuslimchronicleFor the Variety of Interior Design Styles

GMT 10:46 2017 Tuesday ,19 December

For the Variety of Interior Design Styles
Themuslimchronicle, themuslimchronicleUS Christian tourists see deep meaning

GMT 08:00 2018 Monday ,22 January

US Christian tourists see deep meaning
Themuslimchronicle, themuslimchronicleWENN appoints entertainment journalist

GMT 09:07 2018 Monday ,22 January

WENN appoints entertainment journalist

GMT 10:58 2017 Monday ,18 December

Haftar describes Skhirat as expired agreement

GMT 14:55 2017 Saturday ,08 July

Zafer Abdeen denies differences with Hind Sabry

GMT 08:26 2018 Tuesday ,23 January

Five things to know about Davos

GMT 10:52 2015 Wednesday ,25 March

Sheikha Manal to host Art Exhibition

GMT 07:51 2018 Saturday ,13 January

US embassy's new 'off location' digs

GMT 08:37 2018 Tuesday ,23 January

Europe brings on charm and blue skies

GMT 08:25 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president

GMT 21:15 2018 Tuesday ,23 January

UAE largest receiver of FDIs in Arab Region in 2016

GMT 10:22 2016 Wednesday ,23 March

cartoon thirteen

GMT 08:31 2018 Tuesday ,23 January

Amazon to open first cashierless shop

GMT 07:57 2017 Thursday ,14 December

Al Orabi praises Putin’s visit to Egypt

GMT 06:36 2018 Wednesday ,24 January

World powers step up pressure on Syria, Russia

GMT 08:39 2018 Tuesday ,23 January

Instagram, Google+ join EU group

GMT 12:41 2018 Thursday ,18 January

Sudan holds communist leader

GMT 20:50 2017 Sunday ,31 December

January 19 - February 17

GMT 06:27 2018 Wednesday ,24 January

Greenland, Faroe Islands tricky models

GMT 08:57 2018 Tuesday ,23 January

To 'eternal style' of late Alaia

GMT 09:15 2018 Monday ,22 January

US Syria policy leaves many questions unanswered

GMT 10:23 2016 Wednesday ,23 March

cartoon fourteen

GMT 08:18 2018 Tuesday ,23 January

American artist Jack Whitten died

GMT 09:42 2017 Saturday ,30 December

Randa Al Behairy resumes filming “Good Morning”

GMT 10:24 2016 Wednesday ,23 March

cartoon fifteen

GMT 08:21 2018 Tuesday ,23 January

Saudi-led coalition announces $1.5bn

GMT 07:39 2018 Sunday ,21 January

Second face transplant for Frenchman

GMT 06:08 2018 Wednesday ,24 January

Iranian woman skydiver looks

GMT 09:06 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube
muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle