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UK Retail Sales fall in September

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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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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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