Rolling coverage of the latest economic and financial news, including new health checks on the eurozone private sector
- Latest: UK retail sales surge 1.1% in March
- Retail spending jumps 6.7% compared with 2018
- But… credit card defaults have risen
Earlier:
- Eurozone slowdown continues
- Another big fall in German manufacturing
- French factory output weakens again
Here’s Bloomberg’s take on the increase in UK consumers defaulting on their borrowing:
U.K. credit card defaults have risen to the highest level in almost two years, according to figures from the Bank of England.
Its index of defaults rose to 22.9 in the first quarter, according to its Credit Conditions Survey. That’s up from 12.7 at the end of 2018 and, along with the second quarter of 2017 is the highest since the financial crisis.
UK credit card defaults have risen to the highest level in almost two years https://t.co/PQHrplKuzw via @fergalob #tictocnews pic.twitter.com/QHPYtcdWkV
Quite….
Shot: *U.K. 1Q RETAIL SALES INCREASE 1.6%, ADDING 0.09 PPT TO GDP
Chaser: *BOE SAYS CREDIT CARD DEFAULTS INCREASED SIGNIFICANTLY IN 1Q
Both via BBG
