UK retail sales recorded its steepest monthly decline in six months, but probably due to the bad weather, which seriously hurt the sales of clothes. The National Statistics Office stated further that during the 5-week period ended July 5, there is no concrete evidence that the unexpected result of the vote effected the consumer behavior. The volume of retail sales in June decreased by 0.9% on a monthly basis, well above expectations for decline of 0.6%. Compared with an year earlier, the growth slowed to 4.3% from stable 5.7% in May, while the analysts expected slowdown to 5%.
The shopping centers reported a positive influence on the part of the European Football Championship and the 90th birthday of Queen Elizabeth II. Clothing stores, however, reported weak consecutive month after unusually variable time. Today’s report represent the first official data that could show how demand in the UK is affected by the referendum.
The retail sales in the second quarter, which are a better indicator because it smooths volatility between months, increased by 4.9% from an year earlier. In the first quarter growth was 4.1% on a quarterly basis. The consumer spending is one of the main motors of British economic expansion over the past three years has a 60% chance Brexit lead to recession.
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