UK data wrap: weak not recessionary

15th December 2011

Exhibit one is today's retail sales report, showing a 3.2% annualised rise in volumes in the three months to November from the previous three months – the fastest such growth rate since August 2010.


Retail sales, admittedly, are often a poor guide to overall household spending. Car registrations and house-hunting activity, however, provide supporting evidence of consumer resilience.


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