Heteronomics - UK: narrow retail rise in broad recession

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Heteronomics

Philip Rush

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UK: narrow retail rise in broad recession

- UK retail sales exceeded expectations again with a 1.2% m-o-m surge in October. It was driven by an extension of recent trends. Specifically, the rotation towards consumption both from and for the home environment ahead of another lockdown within it.
- The reliance on consumer goods over services remains negative for overall GDP, which is set to be smashed again by restrictions this winter. Divergence within the sector has also increased with the broad experience recessionary while a small set surge.

20/11/2020 3 EN

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Heteronomics

Heteronomics provides UK-centric macro research. A hallmark attention to detail delivers a depth of analysis beyond what the sell side now delivers. Clients can also experience events that privately provide insights on these topics. Have a bespoke request for research or an event? Let us know. Clients can expect assistance with their own requirements to the extent it doesn't impinge upon other clients. Think of it as retaining an expert economist, without the large overhead.

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Analysts

Philip Rush

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UK: narrow retail rise in broad recession

Riksbank: hopeful for vaccine dividend

BoE: preparing policy like a Scout

Italy: Dragging in Draghi

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