Retail sales exceeded forecasts, and the FTSE opens higher

The biggest monthly increase in retail sales since April 2021.

Regarding today's retail sales beat, Heather Bovill, deputy director for surveys and economic indicators at the ONS, stated as follows: "Retail sales rebounded in January with the largest monthly rise since April 2021 after a very weak December."

This indicates that while total sales have now returned to pre-December levels, they are still below pre-pandemic levels when considering the bigger picture.

Retailers of department stores, sporting goods stores, and household products were among those reporting strong commerce as a result of January sales campaigns. A decrease in petrol prices also translated into a strong fuel sales month.

"This month, the only industry not to see growth was clothing stores."

Blue chips should provide a happy ending to the week.

The technical recession hinted at in yesterday's gross domestic product (GDP) data for January does not appear to have alarmed the market, as the lead index finished over 30 points higher yesterday.

Better macroeconomic news: according to statistics released this morning, retail sales in the UK surpassed the 1.5% prediction in January, rising 3.4% month over month.

Sales rose 0.7% annually compared to -1.4% forecasts.

(Sources: investing.com, proactiveinvestors.co.uk)