Retail sales in the United Kingdom shrank 1.2% month-over-month in June, after a 2.9% surge in May, pressured by election uncertainty and poor weather.Junes drop was much steeper than market consensus
UK’s retail sales shrink more than expected in June
Retail sales in the United Kingdom shrank 1.2% month-over-month in June, after a 2.9% surge in May, pressured by election uncertainty and poor weather.
June’s drop was much steeper than market consensus of a 0.4% decrease.
Sales at non-food stores (department stores, clothing and footwear stores, furniture stores) dropped at a monthly rate of 2.1% in June.
In the meantime, sales at food stores went down 1.1% month-over-month, while online sales plunged 2.7% month-over-month, data by the Office for National Statistics showed.
In annual terms, retail sales in the UK edged down 0.2% in June, after a revised up 1.7% surge in May.
The GBP/USD currency pair settled 0.26% lower at 1.2910 on Friday. For the week, the major currency pair went down 0.58%.
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