The Office for National Statistics released data showing a 0.8% month-on-month rise in retail sales volumes for October. “After five months of no growth, retail sales picked up in October. Although sales overall are above pre-pandemic levels, it remains a mixed picture. Clothing, department stores and toy shop sales reported a boost this month, with clothing stores reaching their highest level since the start of the pandemic, with some retailers suggesting that early Christmas shopping helped to bolster trade,” said ONS chief economist Grant Fitzner.
However, these good figures are coming on the heels of strong inflation and employment data, and should bolster even further the case for a December Bank of England rate rise.
Things to read today:
The US Treasuries market is a dangerous place to dream (Financial Times)