Unexpected fall in August retail sales

| September 16, 2010 | 0 Comments
”Unexpected

The Office for National Statistics (ONS) has today reported a fall in UK retail sales for the month of August - the first decline since January.

According to analysts, the fall is a sign of things to come on the UK high street as Government spending cuts and economic uncertainty are set to hit consumers’ purse strings.

The ONS said sales fell 0.5% on the month and follows a downwardly revised 0.8% in July.

Meanwhile, the ONS said non-food stores suffered in August, with sales falling 0.7%, driven largely by household goods stores.

Food stores dropped by 0.5%, said the ONS.

Commenting on the figures, Vicky Redwood, at Capital Economics said: “August’s fall in retail sales could be the first sign that the surprising resilience of consumer spending recently could be coming to an end.”

Analyst James Knightley at ING bank described the data as “awful“.

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