UK: Jan-20 sales surge starts to fix stats mess
- The ONS report that retail sales surged at the start of 2020, by 1.6% m-o-m ex-fuel. However, a failure to correctly adjust for Black Friday’s differential timing has biased up surrounding months after spuriously shrinking sales at year-end.- Consumer confidence has improved, and trends are reasonably healthy, but the extent of the turnaround is exaggerated. Confirmation of the consumer’s better condition is good news for the BoE, nonetheless.
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