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| Retail sales for March slip on bad weather | Retail sales for March slip on bad weather |
| (35 minutes later) | |
| Retail sales in March were 0.7% lower than in February because of bad weather, according to the Office for National Statistics (ONS). | Retail sales in March were 0.7% lower than in February because of bad weather, according to the Office for National Statistics (ONS). |
| The ONS said retail sales volumes were 0.5% lower than in March 2012. The decline was in line with economists' expectations. | The ONS said retail sales volumes were 0.5% lower than in March 2012. The decline was in line with economists' expectations. |
| However, in value terms, retail sales were 0.1% higher. | However, in value terms, retail sales were 0.1% higher. |
| Non-food sales plunged 4% in March, their largest monthly fall in more than three years. | Non-food sales plunged 4% in March, their largest monthly fall in more than three years. |
| But consumers turned to the internet in the cold weather, with "non-store" retailing seeing its biggest rise since March 2009. | But consumers turned to the internet in the cold weather, with "non-store" retailing seeing its biggest rise since March 2009. |
| "Feedback from department stores, clothing stores and household goods stores suggested that sales were dampened by the weather, as they prepared their stores for the spring season," the ONS said. | "Feedback from department stores, clothing stores and household goods stores suggested that sales were dampened by the weather, as they prepared their stores for the spring season," the ONS said. |
| Analysts had broadly predicted the fall. | Analysts had broadly predicted the fall. |
| "It's obviously disappointing that it's down just under a percentage point on the month, but given that it jumped by 2% the previous month, it was always going to give back some of that prior strength," said Alan Clarke at Scotiabank. | "It's obviously disappointing that it's down just under a percentage point on the month, but given that it jumped by 2% the previous month, it was always going to give back some of that prior strength," said Alan Clarke at Scotiabank. |
| Much of Britain's GDP is generated from consumer spending and analysts have said the retail sales figures will feed into the broader economic picture. | |
| "I think we shouldn't get carried away and read too much gloom into this," said Brian Hilliard at Societe Generale, | |
| "It will weaken [first-quarter] consumption numbers and that's again a disappointment which might lower people's expectations for Q1 GDP." |