![]() "In the latest month, household goods retailers, clothing shops and department stores all reported robust sales, with computer stores, sports equipment, toy shops and cosmetics stores particularly benefitting from the impact of their Black Friday promotions. However, with the three-month trend continuing to fall and overall sales still below pre-pandemic levels, it’s still a challenging time for retailers. Morgan said: "Retail sales grew strongly in November as heavy Black Friday discounting encouraged shoppers to spend. The previous month’s data was revised up from a 0.3% fall. The ONS said sales were boosted by heavily-discounted Black Friday deals Separate figures released by the ONS showed that retail sales volumes rose 1.3% in November, coming in ahead of consensus expectations for 0.4% growth and following no growth in October. But whether or not there is a small recession, the big picture is that we expect real GDP growth to remain subdued throughout 2024." "We also now estimate the economy contracted slightly in the third quarter, when we previously reported no growth, with later returns from our business survey showing film production, engineering & design and telecommunications all performing a little worse than we initially thought."Īshley Webb, UK economist at Capital Economics, said: "The 0.1% q/q fall in real GDP in Q3 may mean that the mildest of mild recessions started in Q3. "The latest VAT data, which takes a little time to receive and process means we now estimate the economy showed no growth in the second quarter, with weaker performances from smaller businesses, particularly those in both hospitality and IT than first shown. The broader picture, though, remains one of an economy that has been little changed over the last year. The data also showed that there was no economic growth in the second quarter, down from a previous estimate of 0.2% growth.ĭarren Morgan, director of economic statistics at the ONS, said: "The latest data from both our regular monthly business survey and VAT returns show the economy performed slightly less well in the last two quarters than our initial estimates. The services sector contracted 0.2%, revised down from a first estimate of a 0.1% decline. Markets will be open for just a half day’s trading as we head towards the Christmas break.ĭata released earlier by the Office for National Statistics showed the economy contracted by 0.1% in the period from July to September, down from a previous estimate of no growth. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.Īt 0840 GMT, the FTSE 100 was down 0.1% at 7,684.06.Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds.Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so.Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body.Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services.Obtains access to the information in a personal capacity.I am a private investor* I am not a private investor *A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: ![]()
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