Worldwide

Furniture sales improve in February

Furniture sales improve in Februaryā€¯

"The underlying trend suggests that rising petrol prices, in particular, have had a negative effect on the overall quantity of goods bought over the last three months", said ONS statistician Kate Davies.

This mirrors the rise of inflation, which rose above the Bank of England's two per cent target to hit 2.3 per cent in February.

After two consecutive months of declines, retail sales in Great Britain rebounded in February, with seasonally adjusted sales volume up 1.4% over January and 3.7% higher than February 2016, according to the Office for National Statistics (ONS).

The FTSE 350 General Retailers Index was up 1.52% on the day, having lost 3.08% over the past three months.

Compared to February previous year, furniture sales had reported a growth of 11.6%, indicating another sharp decline in performance, although February 2016's figure fell from 13% in January 2016.

"The latest United Kingdom retail sales figures will provide some reassurance that higher inflation has not brought growth in consumer spending to a halt", said Paul Hollingswoth of Capital Economics. Across the three months to February, sales volumes were down by 1.4% after a 0.5% drop in the three months to January.

He also said it was worth noting that retail sales only account for around a third of household spending, and the early evidence on other areas of spending has been more encouraging.

Economists had expected the poor quarterly performance to be even worse.

Retail sales have been suffering their worst slump in almost seven years as inflation bites - despite a partial bounce-back last month.

Chris Williamson, chief business economist for IHS Markit commented: "The consumer, which has provided the main engine of United Kingdom economic growth in recent years, is showing signs of running out of steam".



Like this

Latest


24 March 2017
FCC And Broadband Privacy Rules
The regulations were set to go into effect in February, but were halted by current FCC Chairman Ajit Pai. The measure will now go to the House of Representatives to be voted on at a to-be-determined date.

23 March 2017
Brazilian Beef Banned by Several Countries After Reports of Rotten Meat Imports
The retailer, with 84 stores in China, does not sell Brazilian beef. The European Union has called for a partial ban on the meat.

22 March 2017
Fire Emblem Echoes: Shadows of Valentia - Two Armies Trailer, Limited Edition announced
Additionally, the Mila's Turnwheel option lets you use an Amiibo to sacrifice one of the two character's health during battle. Amiibo support will be in the game, and the Alm and Celica figures launching on May 19 will unlock bonus dungeons.

22 March 2017
Bottas: Gap to Hamilton closed during testing
"What we've seen from Barcelona is that the margins at the front of the field have shrunk", Mercedes boss Toto Wolff said. It is great to be a team-mate of Lewis and I hope we can have a strong year in this era of Formula One.

21 March 2017
Apple's 10.5-Inch iPad Pro 2: Specifications and features to expect
Combine that with the rumors that have been swirling about product updates, and it's definitely time to be suspicious. There is a chance that you will wake up tomorrow morning to a plethora of new 2017 Apple products on sale.

20 March 2017
Middlesbrough vs. Manchester United live stream
But I am going to go for Man Utd, who I think will just have too much pace for them and I think they will just win this one 2-1. United beat FC Rostov on Thursday to reach the quarter-finals of the Europa League but lost Paul Pogba to injury.

20 March 2017
Escalation Looming? Israel to Crush Syrian Air Defense if Jets Targeted Again
The Israeli Army confirmed it had conducted airstrikes on several targets in Syria , Israel National News reported. But the Israeli media said the airstrikes were targeting Hezbollah-bond weapons shipment.

19 March 2017
Tesla Discontinuing Model S 60 & 60D
We will know within 30 days whether the underwriters decide to exercise their options to purchase, which would net Tesla an additional ~$180M.

19 March 2017
'Amazing' Hazard can handle himself in the Premier League, says Conte
And even on days when the "fantasy" of Hazard deserts them, Chelsea's dream season goes on unhindered. This was only the second Premier League game of the season where hazard didn't start for Chelsea .

17 March 2017
Maryland Judge Blocks Trump's Revised Travel Ban
A judge in Washington state blocked the original travel ban , which was broader in scope, shortly after it was signed January 27. The three-judge panel, which included two appointed by Democratic presidents and one by a Republican, issued a unanimous ruling.



Recommended