Steady growth picture for retail sales
Retail sales slowed more than expected in November but upward revisions to the previous months meant that the broad picture of steady and unspectacular growth remained intact, official data showed yesterday.
The Office for National Statistics said sales volumes including motor fuel rose 0.3 per cent last month, as purchases of toys, sporting goods and jewellery offset weak demand for furniture and other housing-related goods.
Data for the previous two months, however, were revised up and so the annual rate of sales growth picked up to 1.1 per cent, the strongest since July, from 0.3 per cent in October and compared with forecasts of 0.7 per cent. Howard Archer, economist at IHS Global Insight, said the sales were "reasonable but unspectacular" ahead of the key Christmas period.