UK Retail Sales unexpectedly drop by 0.2% MoM in September vs. 0.5% expected
|- The UK Retail Sales came in at -0.2% MoM in September, a big miss.
- Core Retail Sales for the UK dropped by 0.6% MoM in September.
- The cable flirts with daily lows below 1.3800 on dismal UK Retail Sales.
The UK retail sales came in at -0.2% over the month in September vs. 0.5% expected and -0.6% previous. The core retail sales, stripping the auto motor fuel sales, stood at -0.6% MoM vs 0.2% expected and -0.7% previous.
On an annualized basis, the UK retail sales decreased by 1.3% in September versus -0.4% expected and -0.2% prior while the core retail sales dropped by -2.6% in the reported month versus -1.7% expectations and -0.9% previous.
Main points (via ONS)
“Non-food stores reported a fall of 1.4% in sales volumes in September 2021, because of falls in household goods stores (negative 9.3%), such as furniture and lighting stores, and other non-food stores (negative 1.7%) such as sports equipment stores.”
“Automotive fuel sales volumes rose by 2.9% in September 2021 as demand towards the end of September increased sales; volumes were 1.8% above their pre-pandemic February 2020 levels.”
“Food store sales volumes rose by 0.6% in September 2021 and were 3.9% above pre-coronavirus pandemic levels in February 2020.”
FX implications
GBP/USD held the lower ground on the downbeat UK Retail Sales, flirting with daily lows of 1.3784, as of writing.
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