UK retail sales much worse than expectedStaff Writer | June 15, 2017
UK retail sales shrank much more than expected in May, according to official data published on Thursday.
Britain Official data published on Thursday
Retail sales excluding automotive fuel fell 1.6% month-on-month in May, according to the Office for National Statistics, when a 0.9% decline had been expected after a revised 2.2% improvement the previous month.
Compared to May last year, retail sales were up only 0.6%, which was short of the consensus forecast for a 1.9% gain after a revised 4.6% increase from April.
Including auto fuel sales were down 1.2% on a monthly basis, versus a 0.8% estimate and after a 2.5% rise the prior month.
On a yearly basis retail sales including fuel were up 0.9% compared to the market's expectation of a 1.6% gain after a revised 4.2% improvement from April.
The UK retail sales, excluding auto fuel, contracted by 1.6%, worse than -1.0% expected by analysts and 2.0% printed a month earlier.
Sterling retreated to 1.2704 against the dollar after the release of the data. ■