Thursday, Dec 17, 2009
Forecasters scratching ytheir heads again
Bloomberg: U.K. Retail Sales Unexpectedly Dropped in November
U.K. retail sales unexpectedly fell in November for the first time in six months as the recession prompted consumers to spend less at clothing and department stores in the approach to Christmas. Sales dropped 0.3 percent on the month after rising 0.6 percent in October, the Office for National Statistics said today in London. The median forecast was for a 0.5 percent gain, according to a Bloomberg News survey of 28 economists. The U.K. faces a “bumpy and uneven” path out of recession as unemployment keeps increasing..........
Posted by jack c @ 12:16 PM (1069 views) Add Comment
11 Comments
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1. need-a-crash said...
Can't say it's that much of a surprise to me!
2. dill said...
"Can't say it's that much of a surprise to me!"
Ditto. Seems logical that many will wait for December discount period, and combine that with bringing forward some purchases to beat the VAT increase (which may go still higher later on next year).
3. fallingbuzzard said...
Forecasters don't walk down the High Street.
4. Alfie said...
They should try forecasting the weather, they will probably get more accurate results.
5. jack c said...
Stock and currency markets are reacting to these figures
A shock fall in retail sales sent the pound spiralling down mid-morning, as investors fretted once more about the health of the UK and questioned just how likely it is that consumers can help drag the country out of recession. Sliding to its lowest level for two months, the pound hit a low of $1.611 - shedding over 2 cents or near 1.5% having opened at $1.633. Having moved lower initially after a show of strength from the dollar, falls were exacerbated by news that shoppers cut back on spending unexpectedly in November.
Full story @ www.citywire.co.uk/adviser/-/news/market-and-shares/content.aspx?ID=373536&re=7910&ea=118560&Page=1
6. hpwatcher said...
Looks like people don't want Labour's wasteful stimulus
HAHAHAHHAHAHAHAHAHAHAHAHAHAHHAHAHAHA
7. drewster said...
It's a surprise to me. Last weekend in town I couldn't move, such was the throng of shoppers. Also John Lewis announced that they'd had record sales last week. This is what happens when most people's mortgage interest payments fall to zero - they suddenly have £500 a month to splash on tat.
I suspect December's figures will look rosier than November's.
8. paranoia blue said...
drewster @7
Trouble is, mate, lots of really big-hitters have a lot more than £500, less every month, because of the “daylight-robbery” interest rates!
9. Martyk said...
If you put 20,000 volts through a dead cat, it will twitch. Doesn't mean that its back to life again though does it. Put a few £billion back into a moribund economy like ours, same thing. This government throws money around like its going out of fashion. God help us when they switch off the QE tap!
10. techieman said...
jack @5 - actually probably more greenback strength then pound weakness. Euro extended a 3 day losing run v the pound.
11. Neil B said...
Easy journalism - Take the following sentances and replace the ****** by the word "Unexpectedly"
House prices ******* rose for a third month.
Interest rates ******* remained low for a.....
Property sales remained ****** at their lowest level for.....
Unemployment ******* rose for the.....
GDP ******* dropped for the.....
The goverment ****** borrowed more money for the......
The government ***** extended QE for the......
(none of these headlines seem to be 'unexpected' apart from journos and analysts)