• Last week’s data showed signs that households are running out of steam, having been a key factor in stabilising the economy last year. Q4 retail sales were a case of being good – but not as good as was hoped. 
• Sale volumes rose 1% over the quarter, which we should point out is the best volume growth seen since early 2007. 
• Much of the weakness in December’s spending came through in the food categories.  Retail sales excluding food rose 1.2% mom in December by our estimate, so Christmas wasn’t too bad apart from the apparent skimping on the ham.

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