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British retail sales unexpectedly rise by 0.5% in August
Online and department store spending lifted sales, while fuel sales fell 1.3%, the Office for National Statistics said.
- British retail sales unexpectedly rose 0.5% in August, defying economist forecasts of a 0.2% decline, official Office for National Statistics figures showed on Friday.
- Online channels and department store spending drove the monthly increase, though fuel sales fell 1.3% compared with July as the Iran war pushed prices higher.
- Overall sales volumes were 2.4% higher than August last year, though major retailers including Next and Primark reported subdued updates, suggesting broader economic concerns.
- Clothing retailer Next cut its forecast for sales growth in coming months, while the John Lewis Partnership reported wider first-half losses, reflecting these mixed corporate results.
- Prime Minister Andy Burnham and finance minister John Healey face limited options for giveaways in the October 28 budget, as the Bank of England maintains cautious interest rate policies.
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British retail sales defy forecasts with surprise August rise
UK retail sales unexpectedly rose in August, defying forecasts of a decline. Despite renewed pressure from higher fuel prices, hot weather drove a strong rebound in both online shopping and department store sales. Economists had expected sales to fall 0.2 per cent but sales volumes rose 0.5 per cent during the month, reversing a 0.5 [...]
·London, United Kingdom
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Coverage Details
Total News Sources21
Leaning Left2Leaning Right1Center6Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 22%
C 67%
11%
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