UK Retail Sales Slow - But Not As Much As Feared
The UK's statistics office said Thursday that growth in retail sales slowed to its weakest level in over two years in September, as consumers reined in spending in the face of a looming recession.
The Office for National Statistics said that sales in September were 0.4 percent lower than in August, taking the annual rate of growth to 1.8 percent - its lowest level since February 2006.
The agency said the drop was led by weaker sales of household goods and clothing.
While poor, the results were better than analysts had anticipated given a recent spate of dire earnings results from leading British retailers and more gloomy findings from other September retail sales surveys.
The figures had little impact on sterling which remains around $1.6230 against the US dollar.
The Office for National Statistics said that sales in September were 0.4 percent lower than in August, taking the annual rate of growth to 1.8 percent - its lowest level since February 2006.
The agency said the drop was led by weaker sales of household goods and clothing.
While poor, the results were better than analysts had anticipated given a recent spate of dire earnings results from leading British retailers and more gloomy findings from other September retail sales surveys.
The figures had little impact on sterling which remains around $1.6230 against the US dollar.
