Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Growth in retail sales across Great Britain has slowed, as consumers snapped up technology but cut back on supermarket spending.Sales volumes grew by 0.3% in September, new data from the Office for National Statistics shows, down from 1.0% growth in August.

That’s stronger than expected – City economists had predicted a 0.3% fall for the month.Computers and telecommunications retailers grew strongly in the month – perhaps due to students buying PCs for the new term? – but were partly offset by decreases in food sales.Retail sales rose 0.3% in September 2024, following a rise of 1.

0% in August 2024.Computers and telecoms stores grew strongly but were partly offset by falls in supermarkets.Read more ➡️  https://t.co/jP5Yn4lRHs pic.twitter.

com/47ckvVvmsFThe ONS says:The strongest sub-sector growth was from other non-food stores, which rose by 5.5% over the month to September 2024.Within “other non-food”, computer and telecommunications retailers had the strongest contribution to growth.ONS senior statistician Hannah Finselbach explains:“Retail sales grew in September as tech stores reported a notable rise in sales.These were only partially offset by a poor month for supermarkets, where retailers said bad weather and households continuing to cut back on luxury food items hit sales.

“Looking at the broader picture retail sales increased across the third quarter as a whole, with growth seen from all main shop types.”Today: Chancellor Rachel Reeves holds talks with the bosses of major City firms7am BST: UK retail sales for September9.30am BST: UK insolvency statistics for September1.30pm BST: US building permit and housing starts data for SeptemberHere’s Moody’s Analytics economist Andrew Hunter on the rise in UK retail sales last month:“The volume of U.K.

retail sales rose 0,3% month-on-month in September, slower than the 1% gain in August but still rounding off a solid quarter of growth,Sales were boosted by big gains in spending at department stores and computing and telecoms stores, offsetting a slump in spending on groceries,There isn’t much sign in the data that pre-Budget uncertainty is causing consumers to cut back on spending,Nevertheless, alongside slowing real wage growth and the still-restrictive level of interest rates, the likelihood of further tax rises being unveiled later this month is another reason to expect the U.

K,economy to slow over the remainder of the year,“Jon Steinberg, the former senior Mail Online and Buzzfeed executive who heads Marie Claire to Techradar owner Future, has resigned from the £1bn London-listed group after 18 months,Steinberg, who joined in April last year replacing Zillah Byng-Thorne, has said he is resigning to relocate back to the US with his family,Richard Huntingford, chair of London-listed Future, says:“I would like to thank Jon for the significant contribution he has made to the Group.

Whilst we are disappointed that he will be departing next year, we respect Jon’s decision to return to the US.Steinberg will serve out his one-year notice period while a successor is found.Shares in Future, which is valued at £1bn, fell over 10% following the news of Steinberg’s resignation, to the bottom of the FTSE 250 leaderboard.Steinberg previously served as chief executive of Mail Online in North America, and was previously chief operating officer at Buzzfeed.Before joining Future he held the role of president at cable operator Altice USA, which he joined when the company bought his digital news business Cheddar.

UK companies are cutting back on hiring due to economic uncertainty, new data this morning shows.The Recruitment & Employment Confederation (REC) has reported that the number of job vacancy adverts dropped below 1.6m last month, for the first time in two years.REC says the number of overall active job postings fell by 10% between August and September, to 1,544,753.REC chief executive Neil Carberry says companies want to hear Rachel Reeves’s plans before committing to hiring staff:“A fall in new job ads is symptomatic of a wait-and-see approach some employers are taking as they wait for more from the government around their plans to fuel the economy.

This week’s announcement of the Industrial Strategy has helped, as has the clarity on the Employment Rights Bill,A longer timescale for the Bill has settled fears of policies being rushed in, but there are still nerves about the longer-term impact on hiring with so much still to determine,This is why most businesses are looking to the Budget at the end of the month before they decide how to invest, to tell them what money they will have to invest in hiring,The Chancellor must demonstrate an understanding of the challenging cost environment that businesses face after a period of high inflation and interest rates, and the relief they now need,But while the number of job postings is down, some skills are still in short supply across the economy, Carberry adds:“Today’s Labour Market Tracker shows that Head Teachers and Principals (41.

6%), School Midday and Crossing Patrol Occupations (25,5%) and Authors, Writers and Translators (19,9%) had the largest increase in the number of job postings in September,”Demand for Apple’s latest smartphone may have also lifted tech spending last month,Asif Aziz, retail director at mobile network operator EE, says“The arrival of new seasonal clothing and a surge in back-to-school bargain hunters helped deliver welcome growth in the non-food sector last month, despite a backdrop of rocky consumer confidence.

At EE, we saw buoyancy in the tech sector, with a jump in smartphone sales driven by the launch of the new iPhone 16.Deloitte have also reported that confidence among UK consumers has reached its highest in over five years – despite the apparent gloom about this month’s budget.Its latest Consumer Tracker has found that people are more upbeat about children’s education and welfare, following the introduction of the government’s extended offer of free childcare.However, the poll also found that consumers are less confident about state of economy ahead of Autumn Budget.Deloitte says:Eight consecutive quarters of improved consumer sentiment mark highest level of confidence since Q2 2019;Sentiment towards children’s welfare and job opportunities provided biggest confidence boost;Consumer sentiment towards the state of the UK economy fell five percentage points on the previous quarter, but remains significantly improved year-on-year;Spending on discretionary items rose, reaching positive territory for the first time since Q3 2021.

The survey was carried out between 6th and 8th September.On an annual basis, retail sales volumes rose by 3.9% in September.That’s the largest annual rise in the amount of stuff bought since February 2022.Non-food stores sales volumes – the total of department, clothing, household and other non-food stores – rose by 2.

5% in September, following a rise of 0.6% in August.Jacqui Baker, head of retail at RSM UK, says:“The Autumn/Winter wardrobe refresh and back-to-school rush propped up retail sales in September delivering a post-summer boost, despite record-breaking rainfall and a sharp drop in consumer confidence in September.“A fall of 1.9% in food sales dragged down the average in retail sales growth as the bad weather and consumers cutting back on luxury food items held back spending.

Oliver Vernon-Harcourt, head of retail at Deloitte, said:“A back-to-school boost saw retail sales rise for a third consecutive month, with sales of computers and additional clothing and footwear bolstering growth.While many consumers continue to hold back on purchasing big ticket items, the sale of smaller non-essential luxuries has propped up sales values.“Consumer confidence continues to improve, now returning to pre-pandemic levels for the first time.While discretionary spending has seen improvement in the last quarter, with some consumers allowing budget for little treats and summer holidays, challenges remain.Some consumers are spending more, but retailers remain cautious in the sector’s most crucial few months of the year.

September’s surprise rise in retail sales suggests that household fears about possible tax rises in the Budget are not feeding through to their spending decisions yet, says Alex Kerr, UK economist at Capital Economics.Kerr has analysed today’s data, and says:The rise in retail sales was broad based with sales increasing in five of the seven sub-sectors.Department stores and ‘other’ stores posted 1.9% m/m and 5.5% m/m gains, with the ONS citing that computers and telecommunications retailers performed particularly well.

This suggests that despite the decline in consumer confidence in September, households appear to be increasingly willing to spend on big ticket purchases as the drags from higher inflation and interest rates continue to fade,That said, food sales fell back by 1,9% m/m, although some of that may reflect the unwinding of the 2,1% m/m rise in August,Fuel sales also fell by 0.

1% m/m, despite the 4,0% m/m decline in petrol pump prices,Neil Birrell, chief investment officer at Premier Miton Investors , says the rise in retail sales is a good sign for the economy:“The wet weather didn’t deter the British public spending their money in September, as shown by stronger than expected retail sales,This runs contrary to what consumer confidence data is telling us and indicates that wage growth is an important factor,The consumer sector is very important within the economy and even though this is just one month’s data, it suggests the economy is more robust than was thought.

”FYI, UK #retail sales volumes rose 0.3% in September - not much but the markets had expected a 0.3% fall.Another reminder then that the economic recovery still has plenty of positive momentum - and is now more broadly based - despite the #Budget worries 👍 pic.twitter.

com/isrpQBcyq1Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Growth in retail sales across Great Britain has slowed, as consumers snapped up technology but cut back on supermarket spending.Sales volumes grew by 0.3% in September, new data from the Office for National Statistics shows, down from 1.0% growth in August.

That’s stronger than expected – City economists had predicted a 0,3% fall for the month,Computers and telecommunications retailers grew strongly in the month – perhaps due to students buying PCs for the new term? – but were partly offset by decreases in food sales,Retail sales rose 0,3% in September 2024, following a rise of 1.

0% in August 2024,Computers and telecoms stores grew strongly but were partly offset by falls in supermarkets,Read more ➡️  https://t,co/jP5Yn4lRHs pic,twitter.

com/47ckvVvmsFThe ONS says:The strongest sub-sector growth was from other non-food stores, which rose by 5.5% over the month to September 2024.Within “other non-food”, computer and telecommunications retailers had the strongest contribution to growth.ONS senior statistician Hannah Finselbach explains:“Retail sales grew in September as tech stores reported a notable rise in sales.These were only partially offset by a poor month for supermarkets, where retailers said bad weather and households continuing to cut back on luxury food items hit sales.

“Looking at the broader picture retail sales increased across the third quarter as a whole, with growth seen from all main shop types.”Today: Chancellor Rachel Reeves holds talks with the bosses of major City firms7am BST: UK retail sales for September9.30am BST: UK insolvency statistics for September1.30pm BST: US building permit and housing starts data for September