Thursday, Jul 20, 2006

Where's the IR rise?!?

Reuters: June retail sales soar

Retail sales rose more than expected in June, driven by food sales at supermarkets, while the previous month's increase was revised higher even as overall price pressures increased markedly.

The surprisingly strong 0.9 percent monthly gain was more than double the 0.4 percent expected and confounded many analysts' forecasts that the World Cup football tournament would keep Britons away from the shops.

It also boosted expectations that the Bank of England may soon raise interest rates, given that May's gain was revised up to 0.7 percent from 0.4 and the three-month on three-month trend rate was its strongest since February 2004.

Posted by tyrellcorporation @ 12:05 PM (1912 views)
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1. paul said...

"BoE Governor Mervyn King has said the World Cup may increase volatility in retail sales and policymakers are likely to wait a few months more of sales before passing judgement."

Yes, and of course there's the hot weather, the imminent release of the PC game Halo 3, Syd Barretts untimely death and the upcoming Pamela Anderson marriage. All could influence the MPC's decision to do absolutely nothing.

That'd be a whole year's salary for each of the MPC members for turning up once a month and deciding "let's do nothing for another month".

No wonder the public sector finances are in a mess.

Thursday, July 20, 2006 12:40PM Report Comment

2. Sloth said...

Are the retail sales figures recording volume (i.e 50,000 trousers) or monetary volume (i.e. 500,000 pounds worth of trousers sold).

Monetary volume increases could be a sign of inflation.

Thursday, July 20, 2006 05:18PM Report Comment

3. inbreda said...

You forgot to mention the volatility caused by hayfever in the summer, and cold/flu in the winter. They're always a good reason to collect your 130000 whilst doing absolutely naff all.

Thursday, July 20, 2006 10:38PM Report Comment

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