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PT Solid Gold Berjangka | UK Retail Sales Rise More Than Forecast as Economy Stabilizes

01:14 19 February in Economy, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP by admin_sgb_tcc
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Retail Sales Ekonomi inggris UK Retail Sales Retail Sales m/m PT SGB Solid Group SG Berjangka Solid Gold Berjangka

Solid Gold Berjangka | This article from Bloomberg discusses the recent positive development in UK retail sales, which saw the biggest monthly rise in nearly three years. Here’s a breakdown of the key points:

  1. Retail Sales Surge: In January, UK retail sales experienced a significant increase of 3.4%, marking the highest growth rate since April 2021. This surpasses economists’ expectations of a 1.5% rise.
  2. Sector Performance: Sales improved across various sectors except for clothing stores. Supermarkets notably contributed to the surge, helping to restore sales volumes to levels seen in November 2023.
  3. Economic Outlook: This rebound in retail sales offers hope for economic stabilization after a challenging period, including a sharp decline in sales in December that contributed to a shallow recession. Survey data also suggests an uptick in economic momentum as the cost-of-living crisis eases.
  4. Political Implications: Prime Minister Rishi Sunak, facing challenges from the opposition Labour Party, has been banking on positive economic indicators, including falling inflation, cheaper mortgages, and a payroll tax cut in January, to bolster the Conservative Party’s position.
  5. Consumer Spending and Economic Recovery: Consumer spending weakness was a contributing factor to the UK slipping into a technical recession in the latter part of 2023. However, with wage growth now surpassing inflation and mortgage rates stabilizing, households may experience some financial relief in 2024.
  6. Future Policy Measures: Chancellor Jeremy Hunt has hinted at more tax cuts in the upcoming March budget, while markets anticipate the Bank of England to start cutting interest rates in August, shifting focus from inflation to stimulating a subdued economy.

Overall, the surge in retail sales offers a glimmer of hope for the UK economy’s recovery, potentially alleviating some of the challenges faced in recent times.

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