Features

Money Minute Thursday 19 September: UK retail sales and interest rates

Today we get the official retail sales data for August, plus the Bank of England's latest monetary policy decision and America's weekly jobless claims figures.

This morning in the UK, we get the official retail sales data for August.

Recent surveys from industry bodies such as the CBI and British Retail Consortium have been somewhat gloomy.However, official data has so far suggested that retail sales are holding up just fine, and that the surveys are perhaps being skewed by the respondents' fears over Brexit.As long as the labour market remains buoyant, and wages continue to rise, consumption is unlikely to weaken significantly.

Then, at mid-day, the Bank of England releases its latest monetary policy decision.The bank rate is currently sitting at 0.75% and that is not expected to change.The reality is that until Brexit is resolved one way or another, the Bank is likely to remain on hold, almost regardless of what happens with the economic data.

Meanwhile, in the US, in the afternoon, we have the usual weekly jobless claims figures. So far there are no real signs of US labour market weakness, despite market fears of recession.

Recommended

How long can the good times roll?
Economy

How long can the good times roll?

Despite all the doom and gloom that has dominated our headlines for most of 2019, Britain and most of the rest of the developing world is currently en…
19 Dec 2019
Inflation spiked in the US last month – is this the shape of things to come?
US Economy

Inflation spiked in the US last month – is this the shape of things to come?

Prices in the US rose much more dramatically than expected in July. Can we expect more of the same, and what does that mean for your money? John Stepe…
14 Aug 2020
Brazil drowns in its own debt
Emerging markets

Brazil drowns in its own debt

With public-sector debt ballooning towards 100% of GDP, the state cannot afford generous fiscal support measures for much longer.
14 Aug 2020
14 August 1980: Gdansk shipyard strike begins
This day in history

14 August 1980: Gdansk shipyard strike begins

On this day in 1980, dockworkers at the Lenin Shipyard in Gdansk downed tools, leading to the formation of the Solidarity trade union.
14 Aug 2020

Most Popular

Gold and silver have taken a vicious beating – is the bull market over already?
Gold

Gold and silver have taken a vicious beating – is the bull market over already?

The gold price has tumbled recently, leaving traders nursing losses – just a nasty correction or has the gold bull market run out of steam? Dominic Fr…
12 Aug 2020
No, the UK did not “plunge” into recession yesterday
UK Economy

No, the UK did not “plunge” into recession yesterday

That the economy took a massive hit due to Covid-19 should be news to no one, says John Stepek. The real question is what happens now.
13 Aug 2020
Eagle Lightweight GT: the reincarnation of the E-type Jag
Toys and gadgets

Eagle Lightweight GT: the reincarnation of the E-type Jag

Jaguar’s classic E-type sports car has been reinvented for the modern age. The result – the Eagle Lightweight GT – is a thing of beauty.
7 Aug 2020