ONS reveal first drop in retail sales since January

New figures out this week show that retail sales have dropped for the first time since January. In what many believe to be the latest sign of an economic slowdown, statistics from the NOS show retail sales fell by 0.5 pc between July and August. The figure is much lower than the 0.3 pc increase many economists had predicted and supports the belief that the summer marked a peak in activity. The data comes in sharp contrast to July's results which saw an increase of 0.8 pc.