UK retail sales rebound sharply in June, a Big beat on expectations
|
The office for National Statistics (ONS) published the UK’s retail trade report for the month of June, which showed that the UK consumer spending rebounded sharply, coming in much stronger-than market expectations across the time horizon.
The UK’s retail volumes came in at 0.6% in June m/m, while the annualized retail spending jumped to print 2.9% reading. Markets had estimated a 0.4% expansion on a monthly basis; while a 2.5% reading was expected on yearly basis.
Retail sales excluding volatile items such as fuel also bettered market expectations, arriving at 0.9% m/m and 3.0% y/y.
Commenting on today’s official retail figures, Kate Davies, ONS Senior Statistician noted:
“Today’s retail sales figures show overall growth. A particularly warm June seems to have prompted strong sales in clothing, which has compensated for a decline in food and fuel sales for the month.”
"Looking at the quarterly data, the underlying trend as suggested by the three-month on three-month movement is one of growth, following a fall in quarter 1, suggesting a relatively flat first half of 2017."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.