Retail Sales Drop!

British retail sales suffered an unexpectedly sharp slowdown in September, dragging quarterly growth to its weakest annual rate since 2013, suggesting consumer demand remains uncertain as the Bank of England nears its first-rate rise in a decade.

Retail sales volumes fell 0.8 percent in September, the Office for National Statistics said this morning, reversing a jump in August and undershooting all economists’ forecasts in a poll. Third-quarter growth slowed to a year-on-year rate of 1.5 percent, its lowest since the second quarter of 2013.

Last month the BoE said it was likely to raise interest rates in the coming months if the economy and inflation pressures strengthen as expected. Markets see a roughly 80 percent chance of a move on Nov. 2 after the BoE’s next meeting.
Pound is lower across the board this morning.

Leave a Reply

Your email address will not be published.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

1 × three =

What's Going On?

Currencies 4 You Limited is a company registered in England and Wales (registered no. 06866898). Registered office: Regus House, Victory Way, Admirals Park, Crossway Dartford, DA2 6QD. Currencies 4 You's Payment and Foreign Currency Exchange Services are provided by Ebury Partners UK Limited. Ebury Partners UK Ltd is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution. Reference number: 900797. Ebury Partners UK Ltd is registered with the Information Commissioners Office, with registration number: Z209673X | Terms and Conditions | Privacy Statement | Careers