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- UK Retail Sales jump 0.4% MoM in August vs. 0.5% expected
UK Retail Sales jump 0.4% MoM in August vs. 0.5% expected
- The UK Retail Sales came in at 0.4% MoM in August, missing estimates.
- Core Retail Sales for the UK dropped 1.4% MoM in August.
- GBP/USD tests lows near 1.2270 on dismal UK retail trade data.
The UK Retail Sales jumped 0.4% over the month in August vs. 0.5% expected and -1.1% prior, the latest data published by the Office for National Statistics (ONS) showed on Friday. The Core Retail Sales, stripping the auto motor fuel sales, rose 0.6% MoM vs. 0.6% expected and -1.4% seen in July.
The annual Retail Sales in the United Kingdom declined 1.4% in August versus -1.% expected and July’s 3.1% drop while the Core Retail Sales fell by 1.4% in the reported month versus -1.3% expectations and -3.3% previous.
Main points (via ONS)
Food stores sales volumes rose by 1.2% in August 2023, following a fall of 2.6% in July 2023 when supermarkets reported that the wet weather reduced clothing sales, and supermarket food sales also fell back.
Non-food stores sales volumes grew by 0.6% in August 2023, following a fall of 1.2% in July 2023 when poor weather reduced footfall.
Non-store retailing (predominantly online retailers) sales volumes fell by 1.3% in August 2023, following a rise of 1.9% in July 2023 when wet weather and a range of promotions boosted sales.
Automotive fuel sales volumes fell by 1.2% in August 2023, with retailers suggesting the fall was linked to a sharp increase in petrol and diesel prices.
FX implications
GBP/USD is testing daily lows near 1.2270 on the downbeat UK Retail Sales data. The spot was last seen trading at 1.2272, down 0.16% on the day.
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