Thursday, 19 September 2013

Retail sales in surprise August fall

Source BBC News@ tienganhvui.com


Breaking news


Retail sales volumes fell 0.9% in August according to the Office for National Statistics (ONS) - a surprise for analysts who had expected a rise of around 0.4%.


The ONS said consumers reined in spending, particularly on food, compared with July.


But sales volumes were still 2.1% higher than in August last year, when the Olympics hit spending.


Non-store retailing, which includes online shopping, saw the most growth.


The figures are based on a monthly survey of 5,000 UK retailers, including all large retailers who employ 100 people or more.


Retail sales are seen as an indicator of consumer confidence, and therefore the economy as a whole.


The UK economy grew by 0.7% in the second quarter of the year, according to the latest estimates.





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