Spending reaches 18-month high
Thursday 22 October 1992
Official figures also showed that new construction orders in the three months to August were 5 per cent up on the previous three months, but still 10 per cent down on 1991, adjusting for inflation and seasonal changes.
The City was sceptical that the unexpected 0.16 per cent rise in retail sales volume between August and September was part of a sustainable recovery in consumer spending. Economists pointed to the latest survey of retailers by the Confederation of British Industry, which forecast a weakening in sales in October.
The British Retail Consortium said the reasonable sales figures in September were almost all during the first two-and-a-half weeks. 'In many areas sales slumped from Black Wednesday onwards'.
Retail sales volume in the three months to September was 0.58 per cent higher than in the previous three months. Mr Lamont said there was now a 'clear upward trend'.
However, sales by non-food retailers - which account for nearly 45 per cent of the total - fell by 0.55 per cent on the month. Sales of household goods fell by 1.38 per cent during the month, having risen more than 5 per cent in the previous three months.
Ian Shepherdson, economist at Midland Montagu, said the rise in household goods sales during the summer had been almost entirely due to the greater number of house sales and purchases ahead of August's reimposition of stamp duty. He said they threatened to drop further in October and November as the effect unwound.
Clothing and footwear sales rose in September, but by less than in August. Economists believe this resulted largely from savage price-cutting in the summer, and that the introduction of more expensive autumn ranges could see volumes fall again.
James May, director-general of the British Retail Consortium, said sales volumes appeared to be 'holding up' in October, following a September that was not as bad as many expected. He said that cold, fine weather could boost clothing sales because many people had not bought winter clothes last year.
- 1 Moscow voted the world's unfriendliest city
- 2 The excuses your boss is most likely to believe when you call in sick
- 3 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 4 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The excuses your boss is most likely to believe when you call in sick
Bono's group has made more money from Facebook investment than from all his music
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Senior British politicians tell David Cameron: When dead children are being washed up on beaches, it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...