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The Workplace for Nationwide Statistics stated gross sales volumes fell by 3.2% throughout the important thing buying and selling month, after a 1.4% rise in November. Economists polled by Reuters had anticipated a fall of simply 0.5%.
December marked the most important month-to-month decline since January 2021, when strict pandemic lockdown measures dampened demand. The ONS stated individuals appeared to have accomplished their Christmas buying sooner than in earlier years.
Volumes had been 0.9% decrease within the three months to December 2023, in contrast with the earlier quarter.
It comes after U.Okay. gross home product for the third quarter was revised right down to a 0.1% contraction, from a previous studying of no progress.
“Immediately’s launch would subtract round 0.15 share factors from actual GDP progress in December, which will increase the probabilities the financial system might have ended 2023 within the mildest of gentle recessions,” stated Alex Kerr, assistant economist at Capital Economics.
Commerce physique British Retail Consortium stated that the figures “capped a troublesome yr for retailers” and confirmed Black Friday gross sales ate into Christmas spending.
Authentic information supply Credit score: www.cnbc.com