UK Retail Sales drop 0.9% MoM in September vs. -0.1% expected
|- The UK Retail Sales declined 0.9% MoM in September, a big miss.
- Core Retail Sales for the UK dropped 1.0% MoM in September.
- GBP/USD holds lower ground near 1.2100 on downbeat UK retail trade data.
The UK Retail Sales dropped 0.9% over the month in September vs. -0.1% expected and 0.4% recorded in August, according to the official data published by the Office for National Statistics (ONS) on Friday.
The Core Retail Sales, stripping the auto motor fuel sales, fell 1.0% MoM vs. -0.4% expected and 0.6% seen in August.
The annual Retail Sales in the United Kingdom decreased 1.0% in September versus 0% expected and August’s 1.3% decline while the Core Retail Sales dropped 1.2% in the reported month versus 0% expectations and -1.3% previous.
Main points (via ONS)
Non-food stores sales volumes fell by 1.9% in September 2023; retailers reported that the fall over the month was because of the continuing cost of living pressures, alongside the unseasonably warm weather reducing sales of autumn-wear clothing.
Non-store retailing (predominantly online retailers) sales volumes fell by 2.2% in September 2023, following a fall of 0.9% in August.
Food stores sales volumes rose by 0.2% in September 2023, following a rise of 1.4% in August 2023.
Automotive fuel sales volumes rose by 0.8% in September 2023, rebounding from a fall of 1.0% in August 2023.
FX implications
GBP/USD is testing intraday lows near 1.2115 on the downbeat UK Retail Sales data. The spot was last seen trading at 1.2114, down 0.23% on the day.
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