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19 Feb 2016
UK: Healthy rebound in retail sales - TDS
Research Team at TDS, suggests that the UK retail sales rebounded by a healthy 2.3% m/m in January, following a decline of 1.4% in December that had been mainly driven by the effects of warm weather delaying apparel sales.
Key Quotes
“Strength in the January figure was broad-based, supported in particular by strength in the “other stores” category (+8.1% m/m) and catch-up in the apparel category (+3.3% m/m, as we had expected). Today’s print leaves the January figure at a very healthy 5.2% y/y gain.
Public finances were also better than expected, with upward revisions to December’s surplus, and a better-than-expected deficit of -£11.2bn in January. In fact, January’s debt data shows the first annual fall in the debt-to-GDP ratio since September 2002, something the Chancellor will be sure to boast about in next month’s budget.”
Key Quotes
“Strength in the January figure was broad-based, supported in particular by strength in the “other stores” category (+8.1% m/m) and catch-up in the apparel category (+3.3% m/m, as we had expected). Today’s print leaves the January figure at a very healthy 5.2% y/y gain.
Public finances were also better than expected, with upward revisions to December’s surplus, and a better-than-expected deficit of -£11.2bn in January. In fact, January’s debt data shows the first annual fall in the debt-to-GDP ratio since September 2002, something the Chancellor will be sure to boast about in next month’s budget.”