UK: Expect flat official retail sales volumes during October - Nomura
After a string of three consecutive monthly rises in retail sales volumes between June and August, sales fell in the month of September taking the annual rate to 1.5% – its second-lowest print since mid-2013, points out the research team at Nomura.
“Survey evidence for October has been weak thus far. The CBI distributive trades balance turned markedly negative during the month, as did the BRC’s like-for-like measure of retail sales growth. We expect flat official retail sales volumes during October due to the offsetting impact of weak survey evidence, but we also see a risk of a bounce from September’s decline.”