With December’s retail sales failing to live to the the Xmas hype, today’s release of the January 2013 Retail Sales Index does little to alter the landscape. Retail sales excluding the motor trade fell on a seasonally adjusted basis in January. The fall was greatest in the volume series which has given up more than half of the increase that occurred in the six months after June 2012.
On an annual basis both the volume and value indices are above where they were at the same time last year (but only just).
The monthly volatility in the series is evident but after a sequence of four monthly increases both the volume and value series have recorded monthly declines in two of the past three months.
Turning the corner? Caveat emptor. We’ve been offered that pup before.
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