UK Oct retail sales: Expect a muted 0.3% m/m rise - HSBC

Analysts at HSBC Bank offer a brief preview of Wednesday’s UK retail sales report that will drop in at 0930 GMT.

Key Quotes:

“UK retail sales volumes fell back by 0.8% m-o-m in September after a bumper summer. Indeed, we had expected that momentum to prove unsustainable.

Despite a pick-up in real wage growth, consumer confidence remains relatively low and the housing market is weak in some parts of the country. 

For October, we expect a muted 0.3% m-o-m rise for total volumes including fuel, which would mean that the 3m/3m rate had slowed from 2.3% in July to 0.5% in October.”