U.K. retail sales remain flat in November

Source: RTT News
© Scanpix/Reuters
The U.K. retail sales were flat in November indicating a weak consumer confidence and increasing possibility that the economy will shrink in the last quarter of 2012. According to the Office for National Statistics, retail sales including automotive fuel edged up 0.9% on annual basis, missing economists' expectations of a 1.5% increase. The Bank of England warned that the U.K. economy may contract in the Q4 .
"Consumers are still keeping their powder dry," said Peter Dixon, UK economist at Commerzbank. "Fourth-quarter activity as a whole is going to be fairly weak. A negative GDP figure can't be ruled out." 

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