GLOBALES: UPDATE 1-UK retail sales post biggest quarterly fall since 2010
 Inicio > Internacionales | Publicado el Viernes, 21 de Abril del 2017
GLOBALES: UPDATE 1-UK retail sales post biggest quarterly fall since 2010

GLOBALES: UPDATE 1-UK retail sales post biggest quarterly fall since 2010

Reuters / * Retail sales volumes shrink 1.4 percent in Q1

* Sterling falls after worse-than-expected numbers

* Inflation starting to hammer consumer spending - ONS (Adds reaction)

By Andy Bruce and Alistair Smout

LONDON, April 21 British retail sales posted their biggest quarterly fall in seven years during the first three months of 2017, as rising prices since last year's Brexit vote put more pressure on consumers, official data showed on Friday.

Sterling fell to a day's low after the weaker-than-expected figures, extending a decline that started after it reached a session peak around 0800 GMT.

Retail sales volumes contracted 1.4 percent in the first quarter after rising 0.8 percent in the last three months of 2016, the Office for National Statistics said.

It was the biggest quarterly decline since the first quarter of 2010, and it is likely to reinforce the view among many economists that household spending - the main driver of the economy - is now slowing sharply.

That may prove a concern for Prime Minister Theresa May, who earlier this week unexpectedly called for an early national election, in an effort to strengthen her mandate for the next two years of negotiating Britain's departure from the European Union.

"Families are facing the fastest rise in living costs for over three years and they are reining in their spending rapidly," Richard Lim, chief executive of the Retail Economics consultancy, said.

"We're concerned for the outlook for the retail industry given the toxic mix of rising operating and sourcing costs against a backdrop of weaker consumer demand and heightened political and economic uncertainty."

The ONS said falling retail sales were likely to shave around 0.1 percentage points off first quarter economic growth - the first negative contribution from the sector since the last quarter of 2010.

Retail sales volumes during March alone were worse than all forecasts in a Reuters poll of economists. They shrank by 1.8 percent, after a 1.7 percent increase in February.

"This is the first time we've seen a quarterly decline since 2013, and it seems to be a consequence of price increases across a whole range of sectors," ONS statistician Kate Davies said.

The ONS measure of retail prices rose 3.3 percent in March compared with a year ago, the biggest such increase in five years.

Broader official measure of consumer prices are also rising strongly, led by rising energy costs and the pound's fall following last June's vote for Brexit.

Although May pitched her surprise announcement of a June 8 national election as a chance to strengthen her hand in talks on separating from the EU, the economic outlook will figure strongly in the political debate during the weeks ahead.

Moreover, the outlook for consumer spending is key for policymakers gauging the outlook for Britain's economy as it gears up to leave the EU.

Reports from retailers themselves have been mixed. Associated British Foods' discount fashion arm, Primark, traded well through Britain's Easter holiday period, the group's boss said on Wednesday.

The ONS said there was no evidence to suggest the timing of the Easter holidays distorted the retail sales figures for March.

Year-on-year, retail sales growth slowed to 1.7 percent in March from 3.7 percent in February, compared with forecasts of 3.4 percent growth. (Editing by Larry King)

GLOBALES: UPDATE 1-UK retail sales post biggest quarterly fall since 2010

Con Información de Reuters

http://entornointeligente.com/articulo/9898869/GLOBALES-UPDATE-1UK-retail-sales-post-biggest-quarterly-fall-since-2010

Síguenos en Twitter @entornoi

Para mas información visite: Mundinews.com


Instagram Mi Refugio online Twitter Mi Refugio Online Facebook Mi Refugio Online Pagina Web Mi Refugio Online Pagina Web Mi Refugio Online Detener Mi Refugio Online





Destacadas


2001 / Shawn Mendes lanzó una campaña de recaudación de fondos en internet para ayudar a los afectados por el sismo en México días después de haber salido ileso del terremoto...

Ads by Web24

Smart Reputation te ayuda a mejorar tu reputación en línea
http://www.smart-reputation.com

Una universidad en la municipalidad de Chongqing, en el suroeste de China, ha causado controversia al ofrecer cursos para capacitar a quienes desean convertirse en celebridades de internet. El programa...


Brasil registró al menos 95.000 focos de incendio en el acumulado de este mes de septiembre, estableciendo un récord para un mes desde 1999, cuando empezaron a contabilizarse los incendios,...


Un total de 25 sospechosos están siendo investigados por el derrumbamiento de una plataforma de construcción ocurrida el año pasado en el este de China que provocó 73 muertes, informó...

ATENCION: TODOS LOS CONTENIDOS PUBLICADOS EN ESTE SITE SON PROPIEDAD DE SUS RESPECTIVOS MEDIOS, ENTORNOINTELIGENTE NO SE HACE RESPONSABLE POR LOS CONTENIDOS DE TERCEROS. CADA NOTICIA ESTA ASOCIADA AL MEDIO DE ORIGEN.
LOS AVISOS DE GOOGLE SON PROPIEDAD DE GOOGLE Y EN NINGUN MOMENTO GUARDAN RELACION CON LA LINEA EDITORIAL DEL PORTAL ENTORNOINTELIGENTE.COM