Some encouraging data out of the UK for October. Not all good news however, devil-in-the-details sort of thing. Via a Reuters report:
The British Retail Consortium said spending at major stores in October was 1.6% higher than a year earlier, slowing from 2.2% in September and representing a big fall in the volume of purchases once inflation was taken into account.
- The BRC's measure of like-for-like sales, which adjusts for changes in retailers' floor space, slowed to 1.2% in October from September's 1.8%.
- "The small rise in sales masked a much larger drop in volumes once inflation is accounted for," the BRC said.
Payments processor Barclaycard said 48% of people it surveyed over Oct. 21-24 plan to spend less this Christmas
- Barclaycard said consumer spending in October was 3.5% higher than a year before, up from 1.8% growth in September but still representing a fall when adjusted for inflation.
- Spending on energy bills were 36% higher than a year earlier, down from a 48% rise in September, as many households received a 400 pound government credit to their bills.
GBP update:
