UK retail sales rise in November after drop in October
Things are looking up for retailers in the United Kingdom, as it was recently announced that total retail sales volumes reached their highest levels in five months during November. This is especially welcome news for many merchants that experienced a slight drop in sales in October.
According to Bloomberg, a study by the Confederation of British Industry (CBI) found that the annual sales gauge increased to 33 in November from October's figure of 30. This year's third quarter sales figures were boosted by a two-year high in household spending throughout the nation, most of which was impacted by this summer's London Olympic Games. Despite this positive news, the CBI stated that retailers should still be cautious and not get their hopes up, as economists predict that retail sales will fall in December, the source notes.
October was not a great month for U.K. retailers, as sales dropped by 0.8 percent, reports the British Broadcasting Company. The month's report from the Office for National Statistics fell after a slight rise of 0.5 percent in September. However, these levels are better than the ones the country was seeing at the same time last year, as retail sales were up 0.6 percent year-over-year for October.