mpc: 15 The data seemed to be consistent with continued moderate consumer spending growth. Retail
sales had fallen in October, but by less than expected on the basis of earlier evidence. The
CBI
Distributive Trades Survey had shown a stronger retail sales balance in November than October. The
GfK consumer confidence measure had risen for the second consecutive month and was broadly back
to the level recorded in the early summer. That rise in confidence had come despite the fall in house
price inflation. Private car registrations had remained weak in November relative to a year ago, but
that might simply reflect the earlier unusual strength.
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