UK Retail Sales beat estimates with 1.4% MoM in November
|- The UK Retail Sales came in at 1.4% MoM in November, a big beat.
- Core Retail Sales for the UK rose by 1.1% MoM in November.
- The cable trades better bid near 1.3325 on mixed UK Retail Sales.
The UK retail sales came in at 1.4% over the month in November vs. 0.8% expected and 1.1% previous. The core retail sales, stripping the auto motor fuel sales, stood at 1.1% MoM vs 0.8% expected and 2.0% previous.
On an annualized basis, the UK retail sales jumped by 4.7% in November versus 4.2% expected and -1.5% prior while the core retail sales rose by 2.7% in the reported month versus 2.4% expectations and -2.1% previous.
Main points (via ONS)
Non-food stores sales volumes rose by 2.0% in November 2021, because of growth in clothing stores (2.9%) and other non-food stores (2.8%) such as computer stores, toy stores and jewelry stores, with retailers noting strong trading related to Black Friday and in the lead up to Christmas.
Clothing stores sales volumes in November 2021 were above pre-coronavirus levels for the first time; 3.2% above their level in February 2020.
Automotive fuel sales volumes rose by 3.7% in November 2021 following some disruption to supplies in the previous two months; volumes were 1.9% below their February 2020 levels.
Food store sales volumes fell by 0.2% in November 2021; despite the fall in November, volumes were 3.2% above levels in February 2020.
FX implications
GBP/USD is retracing towards 1.3300, unable to sustain at higher levels. The spot was last seen trading at 1.3320, up 0.4% on the day.
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