Details of the August 2016 UK retail sales data report 15 September 2016
Prior 1.4%. Revised to 1.9%
6.2% vs 5.4% exp y/y. Prior 5.9%. Revised to 6.3%
Ex-Fuel -0.3% vs -0.6% exp m/m. Prior 1.5%. Revised to 2.1%
5.9% vs 5.0% exp y/y. Prior 5.4%. Revised to 5.8%
More good solid numbers. Comforting that although sales dropped vs last month, they didn't drop as much as expected, and that's more than made up by the higher revisions. The main losses were in household goods an non-food stores.
As I mentioned last month when we got the first full month of data after the vote, retail sales are notoriously volatile so just because we've had good news two months on the trot, it doesn't mean that we won't see a stinker next month. Hopefully not, but be prepared. If we do get another good report for Sep then I'm more inclined to think we've got the start of a nice trend.
As for the pound, GBPUSD pushed up to 1.3245 from 1.3200 and now trades at 1.3220.
UK retail sale ex-fuel y/y
