This morning's UK retail sales figures indicated a 0.5% month-on-month rise, demonstrating sustained economic momentum from the first half of 2024, bolstered by discounts and sports events.
The impressive rise in department store and sports equipment sales likely resulted from summer discounts and major sporting events like EURO 2024, influencing consumer buying patterns.
Although the retail sales release won’t drastically change the Bank of England's policy, the anticipated direction towards lower interest rates may support future consumer spending.
Despite positive retail trends, risks persist, particularly with an expected softening of the labor market and an impending tightening of fiscal policy following the October Budget.
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