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"All in all, the picture for U.K. household consumption is not very encouraging"
- Annalisa Piazza, an economist at Newedge Group in London
U.K. month on month retail sales dropped in November, said the Office for National Statistics on Thursday. Sales fell 0.4 per cent the previous month after increasing 0.6 per cent in October. Economists expected the reading to decline 0.3 per cent.
"All in all, the picture for U.K. household consumption is not very encouraging," said Annalisa Piazza, an economist at Newedge Group in London.
"The labor market is extremely weak. Average earnings run at less than half the speed of inflation and consumer confidence hit record-low levels. We expect fourth- quarter household consumption to be a drag for GDP growth."