Retail Sales Getting there
Retail sales, you will be delighted to know, unless you’re betting against them by some arcane investment vehicle, fell by only 1.7% year on year for the bleak and gusty month of January, compared with 3.8% for December. This signals what Gucci-chained analysts are calling a “nascent” pick-up in consumer confidence and perhaps a full-blooded economic recovery in our lifetimes (although the gloomy corridor-haunters at the World Bank are saying it’s going to take 15 years globally). Sales in the pharmaceutical sector rose by around 6%, while the number for our own great industry, or at least that part of it covered by the definition “Retailers of food, beverages and tobacco in specialised stores”, was, sadly, down by 1.7%.
Comment: Anyone have a clue how to pronounce “nascent”? Well, do you?