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Retail sales fall stokes triple-dip recession fears Retail sales fall stokes triple-dip recession fears
(35 minutes later)
Shoppers cut back on food and clothing last month, prompting a surprise fall in UK retail sales and stoking fears that Britain is headed for a triple-dip recession.Shoppers cut back on food and clothing last month, prompting a surprise fall in UK retail sales and stoking fears that Britain is headed for a triple-dip recession.
Retail sales volumes, including fuel, dropped 0.8% in October, a dramatic reversal after the 0.6% rise in September. Analysts were expecting a much smaller decline of just 0.1%.Retail sales volumes, including fuel, dropped 0.8% in October, a dramatic reversal after the 0.6% rise in September. Analysts were expecting a much smaller decline of just 0.1%.
Britons have suffered the worst squeeze in income for more than 30 years, as pay increases fail to keep up with soaring food and fuel prices. Economists fear they are now cutting back on spending, reducing the chances they can help drive the economy forward in the last quarter.Britons have suffered the worst squeeze in income for more than 30 years, as pay increases fail to keep up with soaring food and fuel prices. Economists fear they are now cutting back on spending, reducing the chances they can help drive the economy forward in the last quarter.
The UK emerged from a double-dip recession in the third quarter, when the economy grew by 1%, but there are growing signs that it will contract again in the last three months of the year. Another quarter of contraction early next year would push the UK into a triple-dip recession.The UK emerged from a double-dip recession in the third quarter, when the economy grew by 1%, but there are growing signs that it will contract again in the last three months of the year. Another quarter of contraction early next year would push the UK into a triple-dip recession.
This is just the latest in a series of gloomy economic news, after the UK's triple-A rating came under threat, the number of people claiming unemployment benefit rose unexpectedly last month and inflation jumped to a surprise five-month high. The Office for National Statistics said food sales dropped by 0.6%, while clothing and footwear sales fell 2.3%. This is just the latest piece of gloomy economic news, after the UK's triple-A rating came under threat, the number of people claiming unemployment benefit rose unexpectedly last month and inflation jumped to a surprise five-month high. The Office for National Statistics said food sales had dropped by 0.6%, while clothing and footwear sales fell 2.3%.
On Thursday, the UK's number two supermarket chain Asda posted a slowdown in sales and said consumers' spending power was at its lowest level for two years. The quirky fashion retailer Ted Baker bucked the downward trend, posting a 25% rise in retail sales for the period between August and November, compared with the same period last year. Ray Kelvin, the founder and chief executive, said: "Whilst we are pleased with our performance to date, full year results will as always be dependent on trading over the key Christmas period."
Quirky fashion retailer Ted Baker bucked the downward trend, posting a 25% rise in retail sales for the period between August and November, compared with the same period last year. Ray Kelvin, founder and chief executive, said: "Whilst we are pleased with our performance to date, full year results will as always be dependent on trading over the key Christmas period." The company said it was pleased with its performance in Europe and had opened new concessions in department stores in crisis-hit Ireland and Spain, as well as in the Netherlands and Germany. It continues to push into Asia, and opened its first store in Beijing last month.
The company said it was pleased with its performance in Europe and had opened new concessions in department stores in crisis-hit countries Ireland and Spain, as well as the Netherlands and Germany. It continues to push into Asia, and opened its first store in Beijing last month. David Tinsley at BNP Paribas said: "[These] numbers aren't terribly positive as far as fourth quarter GDP goes. As highlighted in yesterday's inflation report there is a reasonable chance that the fourth quarter release will show the economy slipping backwards. That will raise the political heat for the government amidst talk of the economy triple dipping."
David Tinsley at BNP Paribas said: "[These] numbers aren't terribly positive as far as fourth quarter GDP goes. As highlighted in yesterday's inflation report there is a reasonable chance that the fourth quarter release will show the economy slipping backwards. That will raise the political heat for the government amidst talk of the economy Triple Dipping."