"It is great news that last month's sales growth has continued into October at a much faster pace than expected ..."
- Anna Leach, CBI head of economic analysis
Retail sales volume in the U.K. grew more than initially expected in October, a sign nation's economy is recovering from the recession. As reported by the Confederation of British Industry, sales balance jumped to +30 from +6 in September, far above analysts' expectations for +7, and reached the highest level since June. Any reading above 0 indicates higher sales volume, while any reading below indicates lower.
"It is great news that last month's sales growth has continued into October at a much faster pace than expected and that this momentum is expected to continue next month, too," said Anna Leach, CBI head of economic analysis.
"Given the key role of consumer spending, the survey provides a significant boost to hopes that the economy can keep growing in the fourth quarter following the better-than-expected third quarter GDP rebound," said IHS Global Insight economist Howard Archer.
The FTSE 100 Index edged higher 0.95 per cent to 5,849.90. The broader FTSE All-Share Index advanced 0.84 per cent to 3,054.98.
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