UK retail sales absolutely exploded in September

The UK’s latest retail sales figures are out, and they’re extremely strong.

Sales surged upwards, rising 6.5% in the year to September, an increase of 1.9% month-on-month alone.

That’s far better than anyone expected, and may cause people to revise expectations for a minor slowdown in the British economy as the year comes to an end.

Sales rose by 3.7% year-on-year in August, and analysts were expecting a rise of 4.8% year-on-year in September.

Retail sales are closely watched as a proxy for consumer confidence and demand.

The UK’s economic recovery is particularly consumer-driven, so any uptick or dip in sales could indicate an acceleration or slowing in growth.

NOW WATCH: Hugh Hefner’s son reveals what it was like growing up in the Playboy Mansion

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.