news story: January retail sales dissapoint
January retail sales disappoint
Shop sales fall at their fastest rate for four years last month, Data revealed this morning, casting doubt over the strength of the economy and the need for any more interest rate rises.
The Office for National Statistics said the fall came in spite of the heaviest discounting for the past six months.
Sales plunged 1.8% in January whereas City pundits had pencilled in a small rise after December's 1.1% jump.
The weak data came despite prices being on average 0.4% lower than a year ago, the most negative reading since July last year.
January's drop was driven by a household goods and clothing stores, which may explain the continuation of January sales into February as retailers attempted to shift stock.
Sales of household goods fell 4.2% on the month, the biggest fall in two years. Sales at clothing and footwear stores fell 4.4%, the sharpest drop since September 2002.
But internet retailers enjoyed strong gains. Sales in the non-store retailing and repair category were up by a record 17.7% on the year in January, although web sales still only account for around 4% of the total.
Overall, the ONS said that while underlying growth in retail sales volumes had slowed, it remained robust compared with the long-run average. Sales in the three months to January were up 0.9% on the previous three months.
The Bank of England has raised interest rates three times since last August and gave a hint in Wednesday's quarterly inflation report that another rate hike may be required to keep inflation under control. But today's figures could mean the Bank's work is already done, said analysts.
my opinion.
the internet has a huge impact on society nowadays it has made things more convenient for people as they can shop online which is why internet sales are good and have risen and enjoying their strong gains, which cold be the reason to why retailer stores have decresed in their profits.
Shop sales fall at their fastest rate for four years last month, Data revealed this morning, casting doubt over the strength of the economy and the need for any more interest rate rises.
The Office for National Statistics said the fall came in spite of the heaviest discounting for the past six months.
Sales plunged 1.8% in January whereas City pundits had pencilled in a small rise after December's 1.1% jump.
The weak data came despite prices being on average 0.4% lower than a year ago, the most negative reading since July last year.
January's drop was driven by a household goods and clothing stores, which may explain the continuation of January sales into February as retailers attempted to shift stock.
Sales of household goods fell 4.2% on the month, the biggest fall in two years. Sales at clothing and footwear stores fell 4.4%, the sharpest drop since September 2002.
But internet retailers enjoyed strong gains. Sales in the non-store retailing and repair category were up by a record 17.7% on the year in January, although web sales still only account for around 4% of the total.
Overall, the ONS said that while underlying growth in retail sales volumes had slowed, it remained robust compared with the long-run average. Sales in the three months to January were up 0.9% on the previous three months.
The Bank of England has raised interest rates three times since last August and gave a hint in Wednesday's quarterly inflation report that another rate hike may be required to keep inflation under control. But today's figures could mean the Bank's work is already done, said analysts.
my opinion.
the internet has a huge impact on society nowadays it has made things more convenient for people as they can shop online which is why internet sales are good and have risen and enjoying their strong gains, which cold be the reason to why retailer stores have decresed in their profits.
posted by xxprascillaxx at 7:47 AM
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