Make no mistake, however volatile the numbers can be that was a big big jump.
It’s a different story in the 3 month on 3 month numbers, as the ONS point out, which show a weaker 0.4% growth. They say contractions in in the quantity of sales in foodstores and petrol stations offset increased growth in non food and non store retail. In my mind that adds to my view that your average UK-ian has had a bit of a Christmas blow out.
Pound note wise, spending was up 6.1% from a year ago and +2.3% from November. NSA spending shows that the average weekly spend in retail was £8.8bn vs £8.5bn in Dec 2012 and £7.5bn in November. Online sales were up 11.8% on the year and +1.8% from Nov. The numbers were seasonally adjusted for the first time.
One smashing bit of news is that small shops played a big part in sales. With high street vacancies shooting up over the last few years, to hear that small businesses have made a fist of things is very good news. I just hope it’s not a one off and that it continues.
As I type Cable is breaking up through 1.6450 to 1.6459 while EUR/GBP gets crunched down to 0.8260.
GBP/JPY is off to the races once again up over 130 pips to 171.83 from 170.51
It seems I’ve caught a bit of Mike-itus so have taken a little short up here in cable.
Still, might as well milk it while it lasts eh?
