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UK retail sales continue to grow in October easing fears over consumer spending UK retail sales continue to grow in October easing fears over consumer spending
(about 7 hours later)
Retail sales continued to grow in October according to the latest official data, easing some of the fears of a plunge in consumer spending.Retail sales continued to grow in October according to the latest official data, easing some of the fears of a plunge in consumer spending.
A survey of retailers by the CBI had suggested the fastest rate of decline in sales in October since the UK's last recession in 2009. A survey of retailers by the CBI had suggested the fastest rate of decline in sales in October since the UK’s last recession in 2009.
But the Office for National Statistics reported on Thursday that sales volumes rose 0.3 per cent in the month, better than the 0.1 per cent consensus of City of London analysts, and partially reversing the previous month's 0.7 per cent fall. But the Office for National Statistics reported on Thursday that sales volumes rose 0.3 per cent in the month, better than the 0.1 per cent consensus of City of London analysts, and partially reversing the previous month’s 0.7 per cent fall.
On a quarterly basis sales volumes were up 0.9 per cent.On a quarterly basis sales volumes were up 0.9 per cent.
The year-on-year growth rate of sales volumes dipped by 0.3 per cent, the first annual fall since 2013, but this was mainly due to a strong October of sales last year.The year-on-year growth rate of sales volumes dipped by 0.3 per cent, the first annual fall since 2013, but this was mainly due to a strong October of sales last year.
“We are continuing to see an underlying picture of steady growth in retail sales," said Kate Davis of the ONS. “We are continuing to see an underlying picture of steady growth in retail sales,” said Kate Davis of the ONS.
"Retail Sales were more resilient than I feared," said Alan Clarke of Scotiabank. “Retail sales were more resilient than I feared,” said Alan Clarke of Scotiabank.
"This is in stark contrast to the survey data which were pointing to an absolute bloodbath." “This is in stark contrast to the survey data which were pointing to an absolute bloodbath.”
However, other economists had a more pessimistic reading of the figures.However, other economists had a more pessimistic reading of the figures.
"Excluding auto fuel, retail sales grew 0.1 per cent on the month," said James Smith of ING. “Excluding auto fuel, retail sales grew 0.1 per cent on the month,” said James Smith of ING.
"Consumers are still remaining very cautious more generally, particularly when it comes to non-essentials."  “Consumers are still remaining very cautious more generally, particularly when it comes to non-essentials.” 
The UK economy has been largely sustained by consumer spending since the June 2016 Brexit vote.The UK economy has been largely sustained by consumer spending since the June 2016 Brexit vote.
Growth this year has slowed as higher inflation has bitten into incomes and consumer confidence has dropped back.Growth this year has slowed as higher inflation has bitten into incomes and consumer confidence has dropped back.
GDP is estimated to have expanded by 0.4 per cent in the third quarter of 2017, slightly stronger than the 0.3 per cent in the first two quarters but weaker than growth in the eurozone.GDP is estimated to have expanded by 0.4 per cent in the third quarter of 2017, slightly stronger than the 0.3 per cent in the first two quarters but weaker than growth in the eurozone.
The Bank of England last week raised interest rates for the first time in a decade in order to curb domestic inflationary pressures.The Bank of England last week raised interest rates for the first time in a decade in order to curb domestic inflationary pressures.
The ONS reported that the inflation rate was steady at 3 per cent in October, although wages are growing at an annual rate of 2.2 per cent, meaning that real wages are still contracting.The ONS reported that the inflation rate was steady at 3 per cent in October, although wages are growing at an annual rate of 2.2 per cent, meaning that real wages are still contracting.
The biggest contributor to retail sales volumes growth in October was from second-hand goods stores, in particular charity shops, auction houses and fine art dealers, the ONS reported. The biggest contributor to retail sales volumes growth in October was from second-hand goods stores, in particular charity shops, auction houses and fine-art dealers, the ONS reported.
Food store sales volumes fell.Food store sales volumes fell.