UK: retail surges in Sep towards a wall
- UK retail sales exceeded expectations as they surged by another 1.5% m-o-m in September. The rotation away from services extended again with goods sales strength broadly consistent with building a healthy home to lockdown inside.- The recovery in GDP has been far weaker and losing momentum. I still expect another slowing in September before tightening restrictions drive it temporarily into reverse over the winter. People movements are demonstrating the danger by already falling.
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