The statistics showed signficant weakness in the automotive trade - which showed a drop of 5% after a strong October performance - and in department stores.

The numbers caused consternation among economists. Pat McArdle of Ulster Bank simply refused to believe them. "We are reluctant to pay any attention to the monthly data, " he said in a Friday note.

Rossa White of Davy linked the soft November sales data to increases in rates by the European Central Bank, noting that the October rate hike would have been passed on by banks to consumers in the month of November.

The news would not have surprised readers of the Sunday Tribune, however. We reported on November 26 that retailers in department stores and automotive were becoming concerned at a sudden softening of demand in that month, backed up by observations of slower-thanexpected transactions.

While Davy chief economist Robbie Kelleher sneered at our coverage when he appeared on that day's Today FM Sunday Business Show, we'll be magnanimous at being proven correct.

We will also share the consensus optimism that, following the November slump, Christmas shoppers picked up the pace in December. Certainly upscale retailer Harvey Nichols in Dundrum shopping centre had a good December, noting a 28% increase in overall store fashion sales including perfumery according to figures released last week.