U.K. Retail Sales Jump on Black Friday Sales in November

Black Friday
  • U.K. Retail Sales Jump on Black Friday Sales in November

Black Friday shopping bolstered U.K. retail sales in November as shoppers took advantage of the numerous discounts.

Retail sales rose 1.1 percent in November, the highest in seven months, according to the Office for National Statistics report released on Thursday in London.

Sales of clothing climbed 1.4 percent and household goods jumped 2.9 percent. While, the non-store retailing, comprising online sales grew 2.6 percent.

However, food sales climbed just 0.6 percent as smaller stores claimed cold weather kept buyers away.

On a yearly basis, sales climbed 1.6 percent, meaning sales will rise in the fourth quarter except December sales plunge more than 3 percent.

“Underlying retail sales growth remained reasonably strong in the last few months. Household goods stores had a good November, with a number of businesses saying that Black Friday promotions boosted sales,” said Rhian Murphy of the ONS.

Despite positive retail sales in the month, services sector slowed on rising input costs caused by the weak pound sterling and low business investment. The uncertainty surrounding Brexit and Prime Minister Theresa May position is affecting economic outlook.

Consumer prices rose 3.1 percent in the month, higher than the 3 percent projected by the Bank of England, even after the apex bank raised interest rates by 25 basis points last month. The bank left its monetary policy unchanged on Thursday.

The pound gained against the US dollar to $1.3444.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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