UK: Weakness in retail data – TD Securities

UK’s August retail sales were down -0.2% m/m, a bit below consensus for a flat print, although the July gain was doubled from 0.2% to 0.4% so overall the report was broadly in line, notes the research team at TD Securities.

Key Quotes

“Details show modest 0.2% gains in both food and non-food stores, while the main downside came from non-store retailers (i.e. online sales), which pulled back after an extremely strong print in July.”