U.K. retail sales see surprise rise in July, driven by shopping at online stores
U.K. retail sales rose modestly in July, surprising economists who were expecting a drop, while separately a survey showed plummeting consumer confidence.
Excluding... U.K. retail sales rose modestly in July, surprising economists who were expecting a drop, while separately a survey showed plummeting consumer confidence. Non-store retailing, predominantly online retailers, made the biggest contribution to July numbers, rising 0.7%. The ONS said feedback from online retailers indicated that a range of promotions in July 2022 boosted sales.“Within the flat month on month retail sales headline there is a continued decline in the volume of goods bought but at higher prices. I expect volumes to continue to fall given the rising pressure on U.K.
Some attributed the pound’s weakness to a survey released Friday from GfK , whose consumer confidence index fell one point to -41 in June, setting a new record low, taking out the previous month’s record fall.
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