TD Securities analysts note that the UK retail sales declined 0.5% m/m in May as expected, with some small revisions to the prior month.

Key Quotes

“Most components showed declines, with a sharp give-back in clothing & footwear the standout. May marks the second consecutive decline in retail sales, but after a strong 1.6% q/q gain in 19Q1, shouldn't be a big cause for concern for the MPC ahead of today's decision, and still leaves the snapshot for Q2 retail sales in positive territory.”

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