The University of Michigan’s consumer morale index of consumer sentiment has risen to 79.6, up from 79.0, lifted by a rise in consumer expectations. US consumer confidence has inched a little higher this month. “Clothing shops were the only area not to see growth this month.” The agendaġ0.30am GMT: Bank of Russia’s interest rate decisionġ.30pm GMT: US PPI index of producer price inflation for Januaryġ.30pm GMT: US building permits and housing starts data for January A fall in prices at the pump also meant a solid month for fuel sales. Household goods stores, sports shops and department store retailers were amongst those reporting robust trading due to January sales promotions. “Sales increased across nearly all retail sectors, and it was a particularly strong month for supermarkets. This means that overall sales have now recovered to pre-December levels, although if we look at the broader picture, they are still below where they were pre-pandemic. “After a very weak December, retail sales rebounded in January with the largest monthly rise since April 2021. Heather Bovill, deputy director for surveys and economic indicators at the ONS, says: The ONS says some of the fall in December was because of consumers purchasing Christmas gifts earlier, during the November Black Friday discounts.īut separate ONS polling did find that almost half of adults had expected to spend less on Christmas shopping because of the rising cost of living. The ONS reports that sales volumes in all subsectors, except clothing stores, increased in January.įood stores such as supermarkets contributing most to the increase, with food stores sales volumes rising by 3.4% over the month. It could be a sign that the UK economy is picking up – as Bank of England governor Andrew Bailey has suggested – after shrinking in the second half of last year. ➡️ /4d1LyKkEoP- Office for National Statistics (ONS) February 16, 2024 This was the largest monthly rise since April 2021 and returned volumes to November 2023 levels. Retail sales volumes (quantity bought) rebounded 3.4% in January 2024, following a record fall of 3.3% in December 2023.
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