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- U.K. retail sales recover at stronger than expected pace
U.K. retail sales recover at stronger than expected pace
U.K. retail sales volume including automotive
fuel grew 2.1 percent in May from a month ago, when it was down 1.1
percent, the Office for National Statistics showed Thursday. It was
stronger than the expected 0.8 percent increase.
The increase in volume, excluding automotive fuel was also 2.1 percent, which reversed last month's 1.2 percent drop. Economists had forecast 1 percent rise.
An increase of 3.5 percent in food store sales helped the overall turnover to log a faster-than-expected increase.
Annual growth in retail sales volume including auto fuel more than doubled to 1.9 percent from 0.8 percent in April. Economists had forecast sales to grow only 0.2 percent.
Excluding auto fuel, sales advanced 2.1 percent annually after rising 0.6 percent in April. The rate of increase far exceeded the 0.5 percent expected rise.
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