UK March retail sales +0.4% vs -0.4% m/m expected

• Prior +1.0%; revised to +0.7%
• Retail sales +2.6% vs +1.8% y/y expected
• Prior +2.2%
• Retail sales ex autos, fuel +0.5% vs -0.4% m/m expected
• Prior +1.0%; revised to +0.7%
• Retail sales ex autos, fuel +3.3% vs +2.2% y/y expected
• Prior +2.2%; revised to +1.8%

That’s a decent beat on estimates, though it comes with a bit of a minor downside revision to the February numbers. Of note, better weather conditions helped to bolster sales in clothing and outdoor retailers while supermarkets reported a decline in sales on the month. ONS estimates that retail sales should contribute 0.08% to GDP in Q1 at the balance. As for the overall picture, UK retail sales volumes are still down by 0.3% compared to their pre-pandemic levels i.e. February 2020.

This article was written by Justin Low at www.forexlive.com.