Worldwide

British quarterly retail sales figures point to bank rate rise

British quarterly retail sales figures point to bank rate rise”

Economists had expected a fall back in the rate of annual retail sales growth, but not to this extent.

Figures yesterday showed that United Kingdom retail sales volumes fell 0.8% in September, reversing a jump in August and undershooting all economists' forecasts in a Reuters poll.

The U.K. Office for National Statistics said the jobless rate remained at 4.3% in the three months through August-the lowest level in more than 40 years.

Excluding petrol sales, retail revenues were down 0.7% in September compared to a month earlier, versus a consensus estimate for a 0.2% decline and a revised prior month's sales growth of 0.9%.

Online retailing was the only component to see positive sales, up 2.3 percent over those in September.

Retail sales volumes fell by 0.8% in September, according to data released this morning by the ONS.

It was the first monthly fall since May and fuelled speculation that a bounce seen over the summer may have been boosted by the weakness of the pound encouraging more tourists to come to Britain and fewer Britons to go on holiday overseas.

A rise in the bank rate would be the first time the central bank has raised the interest rate since July 2007, when the rate was 5.75 percent. This has given the pound a bit of a bloody nose on the currency markets, with investors scaling back their expectations of a rate rise from the Bank of England.

"Taking a longer term view the United Kingdom consumer has actually been relatively resilient to rising inflation and weak wage growth, and retail sales volumes are still ahead of where they were a year ago despite these headwinds".

British economic growth slowed visibly this year as complex Brexit negotiations soured consumer confidence and accelerating inflation-fueled by the pound's collapse in the wake of the Brexit vote last year-hit household spending.

James Smith, economist at ING Bank, said the Bank of England still looked likely to raise interest rates from 0.25% in November but a second hike in the following months was less assured.



Like this

loading...
loading...

Latest


11 April 2018
England All-rounder David Willey Replaces Kedar Jadhav
He has two centuries and seven half centuries to his name, which have come while playing in various T20 leagues across the world. With an experience of more than 140 T20 matches, David will prove out to be the Trump Card of Chennai Super Kings this season.

27 March 2018
The Growth of Online Gaming and Betting Companies
Even though brick and mortar casinos make offers to gamblers, they do not come anywhere close to what is offered on the wide web. Alternatively, they can be used to learn about the game and the features it comes with as well as the strategies that work best.

20 October 2017
Trump erroneously links United Kingdom crime rise with 'spread of Islamic terror'
Figures indicated that jumps in violent crime , sexual offences, knife crime and credit card fraud were significant factors. Donald Trump has caused controversy by linking a rise in United Kingdom crime to the "spread of radical Islamic terror".

20 October 2017
Federal judge refuses to erase Arpaio's conviction from court records
Noonan ) where the judged ruled: "The power to pardon is an executive prerogative of mercy, not of judicial record-keeping". The pardon undoubtedly spared Defendant from any punishment that might otherwise have been imposed.

20 October 2017
Cypress Semiconductor Corporation (NASDAQ:CY) Valuation According To Analysts
The sales growth rate for a stock is a measure of how the stock's sales per share (SPS) has grown over a specific period of time. Park West Asset Management Ltd Com has 2.19% invested in Cypress Semiconductor Corporation (NASDAQ:CY) for 2.90 million shares.

20 October 2017
Jurgen Klopp: "Nice to write history" After Liverpool's 7-0 Win
Goals from Philippe Coutinho , Alex Oxlade-Chamberlain, Trent Alexander-Arnold and braces from Roberto Firmino and Mohamed Salah secured the comfortable win.

20 October 2017
Voya Financial, Inc. (VOYA), Skechers USA, Inc. (SKX)
Seven Eight Capital LP acquired a new stake in shares of Skechers U.S.A. during the 2nd quarter valued at approximately $105,000. Increasing profits are the best indication that a company can pay dividends and that the share price will trend upward.

20 October 2017
General Electric's bad Q3 Earnings Just the Tip of the Iceberg
The Baker Hughes acquisition also accounted for the 14.4% increase in the company's consolidated revenues. Flannery said it should leave GE in a "better position in 2018 and beyond".

20 October 2017
Google owner leads $1bn funding for Uber rival
Even if the SoftBank deal were to go through as expected, a well-financed Lyft is not likely to make things easier for Uber. Waymo sued Uber in February for allegedly stealing its driverless-car trade secrets to jump-start its own program.

20 October 2017
MobileIron, Inc. (MOBL) Downgraded to "In-Line" at Imperial Capital
The software maker reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.08. Hedge funds and other institutional investors own 54.87% of the company's stock. 1,623,725 shares of the company were exchanged.