UK Retail Sales Rebound In May
21 6월 2024 - 12:14PM
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UK retail sales rebounded in May as sales across all sectors
recovered after poor weather damped turnover in April, official
data revealed on Friday.
The retail sales volume grew 2.9 percent on a monthly basis,
offsetting the 1.8 percent fall in April, the Office for National
Statistics reported. The growth also exceeded economists' forecast
of 1.5 percent.
Sales, excluding auto fuel, also expanded 2.9 percent after
easing 1.4 percent a month ago. Sales were expected to grow 1.3
percent.
Food store sales increased 1.2 percent and auto fuel sales
climbed 2.8 percent. Non-food stores sales advanced 3.5 percent,
which was the fastest growth since April 2021, as improved
footfall, better weather and promotions boosted sales of clothing
and footwear, furniture stores and games and toy stores.
On a yearly basis, retail sales registered a growth of 1.3
percent in May, in contrast to the 2.3 percent decrease in April.
The annual decline was worse than economists' forecast of 0.9
percent drop.
Excluding auto fuel, retail sales moved up unexpectedly by 1.2
percent, reversing the 2.5 percent fall in the prior month.
Economists were forecasting a 0.8 percent fall.
With inflation falling back to target and consumer confidence
improving, retail sales may well continue to strengthen, Capital
Economics' economist Andrew Wishart said.
British consumer confidence rose slightly in June as consumers
became more confident about general economic situation, monthly
survey data from the market research group GfK showed Friday.
The consumer sentiment index advanced to -14 in May from -17 in
April. The reading was seen at -16.
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