UK Retail Sales Rises in May

Loading...
Loading...

UK retail sales volumes rose 1.4 percent in May from April, slightly ahead of the initially forecasted monthly rise of 1.2 percent. On a year-on-year basis, sales volumes were up 2.4 percent in May.

According to the Office for National Statistics, sales of clothes and shoes had driven the volumes up in May.

Sales dropped 2.3 percent in April, due to the wet weather and panic-buying of petrol in March resulted from worries about truck drivers' strike.

Retailers' recent performance is a positive indicator of the strengthening domestic consumer demand. In the UK consumer spending contributes to about 60 percent of the country's gross domestic product.

The Bank of England (BoE) hopes that falling inflation will reduce the pressure on household incomes, allowing them to spend more and boost the economy.

Reuters

Market News and Data brought to you by Benzinga APIs
Posted In: Forex
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...