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United Kingdom Retail November 2023

United Kingdom: Retail sales post quickest growth since January in November

Retail sales increased 1.2% in month-on-month seasonally adjusted terms in November, following October’s flat reading. November’s result marked the best reading since January, and was triple market expectations.

On an annual basis, retail sales grew 0.1% in November, contrasting October’s 2.4% fall and marked the best result since March 2022. Accordingly, the trend improved significantly, with the annual average variation of retail sales coming in at a one-year high of minus 3.1%, up from October’s minus 3.7%.

Taken together, retail sales readings for October and November paint an improved picture of private spending for Q4, which chimes with our Consensus Forecast of a recovery in consumer spending following Q3’s contraction.

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