Sunday 23 July 2017

Retail sales weaker than expected in October

Retail sales were weaker than expected
Retail sales were weaker than expected
Gavin McLoughlin

Gavin McLoughlin

The volume of retail sales dropped 0.8pc in October compared to September, according to CSO figures released this morning.

However, sales were up 6.9pc on the same month last year. Excluding the motor trade, sales volumes dropped 0.3pc on September 2015.

Furniture and lighting was the best-performing sector, with sales up 3.8pc on September. Electrical goods had the biggest decrease at 2.9pc.

Merrion Capital economist Alan McQuaid said the numbers were weaker than expected.

"Although retail sales remain erratic on a monthly basis, the underlying trend is positive. While most attention has been on cars, personal spending in other areas is picking up too and is becoming more broad-based. This can only be good news for retailers and employment prospects in the sector," he added.

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