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Shock fall in retail sales at COVID lockdown levels in key shopping month | Business News


extreme hd iptv
extreme hd iptv

by extreme hd iptv

There has been a shock fall in retail sales in the key December shopping period, sharpening the decline seen in recent months, official figures show.

Data from the Office for National Statistics (ONS) said sales fell an unexpected 3.2%, despite Christmas and reported discounts offered by major chains and some positive reports by major high street outfits.

Not since the middle of the COVID-19 pandemic lockdown, in January 2021, had retail sales fallen at such a level.

It has been a far worse performance than the 0.5% drop expected by economists and a reversal of the 1.3% growth seen in November when discounts got people spending.

Retail sales figures are important as household consumption is the largest expenditure across the UK economy.

The data can be indicative of overall economic growth.

The UK already had a quarter of economic contraction from July to September last year.

A second three-month period of economic decline would mean the UK is technically in recession.

A country is technically in recession after two-quarters of negative growth.

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