Analysts at TD Securities point out that UK’s December retail sales came in largely as expected, falling 0.9% m/m, leaving three of the last four months in negative territory.
Key Quotes
“On a sectoral basis, fuel and food contributed slightly to gains in the month, while non-food stores and non-store retailing both fell by 2.3% m/m. December’s decline comes after a strong 1.3% monthly gain in November on the back of Black Friday sales, and repeats the pattern seen last year, suggesting that the ONS is still struggling to seasonally adjust this relatively new phenomenon.”
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