UK Retail Sales see record drop in June
U.K. retail sales have seen their sharpest drop for 22 years in June, in stark contrast to May’s surprisingly sharp gain.
The volume of retail sales fell 3.9 per cent on the month and rose 2.2 per cent on the year in June, the biggest monthly drop since records began in 1986, after record declines in sales in both predominantly food and non-food stores, the ONS said.
In May, retail sales grew by 3.6 per cent on the month and increased 7.9 per cent on the year, the biggest monthly gain for 22 years. May’s surprisingly strong gains were revised from a rise of 3.5 per cent on the month and an increase of 8.1 per cent on the year reported last month.
The May data had given the impression that consumption wasn’t falling as much as people expected despite downbeat survey evidence, weak trading statements from large retailers and weakest consumer confidence since 1990.
