The Office for National Statistics (ONS) published the UK’s retail trade report on Thursday, which showed that the UK’s consumer spending bettered estimates in the month of May.
The UK’s retail volumes came in at 1.3% in May m/m, while the annualized retail spending jumped 3.9%. Markets had estimated a 0.5% reading on a monthly basis; while a 2.4% print was expected on yearly basis.
Retail sales excluding volatile items such as fuel also beat expectations, arriving at 1.3% m/m and 4.4% y/y.
Key Highlights (via ONS)
Underlying 3M/3M retailing s/a rose 0.9pct.
Weather was a key driver in appar.
Shops saw increased sales due to Royal wedding and FA Cup Final.
Non-store retailing showed strong growth in May.
Online spending for food, department & clothing stores was up again.
No major store closures seen in the month, although a few were put into administration.
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.