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Analysts at TD Securities point out that the UK’s retail sales rebounded strongly in January at 1.0% m/m, well above market expectations for a small gain.

Key Quotes

“Components were mixed, with clothing and non-store retailing showing strong gains, while non-specialised stores and household goods stores fell sharply. Volatility in seasonal factors suggests looking through the individual monthly Nov/Dec/Jan gains, and from that vantage point, average retail sales growth was 0.5% m/m over that period – a healthy rate.”

“Today’s data confirms continuation of a theme we’ve seen over the past couple of years: that the consumer continues to be unaffected by Brexit uncertainty, while firms are cutting back on their investments.”