UK retail sales fall for first time since May

(Sharecast News) - Retail sales unexpectedly fell in October, official data showed on Friday, as consumers held back on spending ahead of the Black Friday sales. According to the Office for National Statistics, sales slid 1.1%, reversing an upwardly-revised 0.7% uplift in September.

Analysts had been looking for flat sales.

Grant Fitzner, chief economist at the ONS, said: "In October, monthly sales fell back for the first time since May.

"Supermarkets, clothing stores and online retailers all saw slower sales, with feedback from some retailers that consumers were waiting for November's Black Friday deals."

In the three months to October, sales rose 1.1% compared to the previous quarter, supported by strong clothing sales in the summer and tech sales in September and October.

Year-on-year, sales rose 0.2% in October, also below expectations, for a 1.5% jump.