UK’s retail sales post unexpected recovery in July
by ChemOrbis Editorial Team - content@chemorbis.com
According to data released by UK’s Office for National Statistics (ONS), the country’s retail sales unexpectedly rose in July despite the headwinds stemming from Brexit. The UK’S retail sales climbed 1.4% in July following a decrease of 0.9% in June, beating economists’ expectations of a 0.1% gain. The increase was driven by higher sales for clothing and footwear and the depreciating pound against the US dollar provided a competitive edge especially in watches and jewelry stores.
The data showed that retail sales excluding auto fuel moved higher by 1.5% in July. Food sales were up 0.6% after sliding 1% in June while retail sales for textiles, clothing and footwear increased 3.5% during the same period. Retail sales for watches and jewelry, meanwhile, climbed 3.1% on the month and 16.6% from a year earlier, posting the strongest growth since November 2014.
The data showed that retail sales excluding auto fuel moved higher by 1.5% in July. Food sales were up 0.6% after sliding 1% in June while retail sales for textiles, clothing and footwear increased 3.5% during the same period. Retail sales for watches and jewelry, meanwhile, climbed 3.1% on the month and 16.6% from a year earlier, posting the strongest growth since November 2014.
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