23 Jul 2015
UK consumer spending remains solid – ING
FXStreet (Edinburgh) - James Knightley, Analyst at ING Bank assessed the recent figures from UK retail sales.
Key Quotes
“There were some mild upward revisions to some of the history, but even with those it is a disappointing outcome, contradicting evidence from the British Retail Consortium survey and Confederation of British Industry data”.
“Overall, it isn’t great news, but we feel that the trend for consumer spending remains strong”.
“Indeed, retail sales are still growing 4%YoY and with consumer confidence at 15 year highs, real wages rising by around 3%YoY and employment continuing to move higher, the outlook remains positive for spending”.
“We still look for a February Bank of England rate hike”.
Key Quotes
“There were some mild upward revisions to some of the history, but even with those it is a disappointing outcome, contradicting evidence from the British Retail Consortium survey and Confederation of British Industry data”.
“Overall, it isn’t great news, but we feel that the trend for consumer spending remains strong”.
“Indeed, retail sales are still growing 4%YoY and with consumer confidence at 15 year highs, real wages rising by around 3%YoY and employment continuing to move higher, the outlook remains positive for spending”.
“We still look for a February Bank of England rate hike”.