UK Nov retail sales: A big beat on expectations

The Office for National Statistics (ONS) published the UK’s retail trade report, which showed that the UK consumer spending figures came in way stronger than the consensus forecasts in the month of November.

The UK’s retail volumes came in at 1.1% in November m/m, while the annualized retail spending jumped sharply to 1.6%. Markets had estimated a 0.4% reading on a monthly basis; while a 0.3% print was expected on yearly basis.

Retail sales excluding volatile items such as fuel also bettered expectations, arriving at 1.2% m/m and 1.5% y/y.