Thursday, October 23, 2014

UK Retail Sales fall in September

UK retail sales fell in September, adding to signs that the economic recovery may be losing steam.

The Office for National Statistics said sales volumes fell 0.3% on the month, more than expected and the weakest figure since January.

Mild weather in September put shoppers off buying winter clothes, but sales were weaker in other sectors too.

Slow wage growth, falling house prices, and global economic worries have raised concerns about the UK recovery.

Last week, the Chancellor, George Osborne, warned that the UK will not escape a slowdown in the eurozone economy.

Year on year, retail sales are up by 2.7%.

Many economists had predicted September’s retail sales to fall 0.1% month-on-month, with a gain of 2.8% for the year.

The ONS said clothing and footwear sales fell by 7.8% in September from August, their biggest monthly fall since April 2012.

Prices in stores fell by 1.4% in September compared with a year earlier, their steepest decline in more than five years.

via BBC

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