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| Version 1 | Version 2 |
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| Retail sales rise thanks to Black Friday boost in November | Retail sales rise thanks to Black Friday boost in November |
| (about 3 hours later) | |
| Bumper sales on Black Friday and Cyber Monday helped the retail sector to maintain strong growth in November and bolstered hopes of a busy Christmas on the high street. | Bumper sales on Black Friday and Cyber Monday helped the retail sector to maintain strong growth in November and bolstered hopes of a busy Christmas on the high street. |
| Department stores and electrical goods sellers were the biggest beneficiaries as consumers sought out deals on the latest TVs and phones. | Department stores and electrical goods sellers were the biggest beneficiaries as consumers sought out deals on the latest TVs and phones. |
| The Office for National Statistics said sales increased by 0.5% excluding fuel in November from October and by 5.9% on the same month last year. | The Office for National Statistics said sales increased by 0.5% excluding fuel in November from October and by 5.9% on the same month last year. |
| The only blot on the generally upbeat picture was fuel sales after a spike in pump prices put an end to 18 months of low driving costs. | The only blot on the generally upbeat picture was fuel sales after a spike in pump prices put an end to 18 months of low driving costs. |
| To emphasise the squeeze on drivers, the ONS said fuel prices increased at the fastest rate since 2011 to push sales to their lowest level of growth for two years. | |
| Some analysts said the rising cost of imports, including fuel, would combine with low wage growth to take the steam out of sales. | Some analysts said the rising cost of imports, including fuel, would combine with low wage growth to take the steam out of sales. |
| Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: “A substantial correction is coming. Next year will be very different.” | Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: “A substantial correction is coming. Next year will be very different.” |
| Inflation jumped to 1.2% in November as the 15% fall in sterling since June forced firms to begin nudging prices higher. | Inflation jumped to 1.2% in November as the 15% fall in sterling since June forced firms to begin nudging prices higher. |
| Tombs said: “The squeeze on real incomes from higher inflation and slower employment growth will push the rate of growth of retail sales down sharply. For now, though, consumers’ spending continues to drive economic growth.” | Tombs said: “The squeeze on real incomes from higher inflation and slower employment growth will push the rate of growth of retail sales down sharply. For now, though, consumers’ spending continues to drive economic growth.” |
| Chris Williamson said it was understandable that retailers would feel buoyant after they enjoyed the strongest three-month spell of growth for almost two years in the third quarter, but figures for October and November showed “cracks may be appearing in the willingness of consumers to keep spending in the face of rising prices and wider financial worries”. | Chris Williamson said it was understandable that retailers would feel buoyant after they enjoyed the strongest three-month spell of growth for almost two years in the third quarter, but figures for October and November showed “cracks may be appearing in the willingness of consumers to keep spending in the face of rising prices and wider financial worries”. |
| “The concern is that we may be starting to see signs that rising inflation, weak pay growth and job insecurity among households are all starting to subdue consumer spending,” he said. | “The concern is that we may be starting to see signs that rising inflation, weak pay growth and job insecurity among households are all starting to subdue consumer spending,” he said. |
| “Financial worries rose especially sharply among households where the main earner is employed in the private sector, with government workers perhaps feeling more secure in their jobs due to recent suggestions that government spending may soon start to rise as austerity is reined back. Private sector employees’ view on their future finances fell to the lowest for three years in October, boding ill for retail sales at the start of the fourth quarter.” | “Financial worries rose especially sharply among households where the main earner is employed in the private sector, with government workers perhaps feeling more secure in their jobs due to recent suggestions that government spending may soon start to rise as austerity is reined back. Private sector employees’ view on their future finances fell to the lowest for three years in October, boding ill for retail sales at the start of the fourth quarter.” |