UK Retail Sales Were Weaker Heading into Referendum Vote

Retail sales reported weak growth in the year to June, beating
expectations of a modest fall and lifting sales slightly above average for
the time of year. Meanwhile, orders placed on suppliers fell over the year
at a somewhat slower pace than in the previous month. Sales growth is
expected to pick up next month, but orders are expected to continue
falling although at a slightly slower pace.

Growth in the volume of internet sales slowed in the year to June, with
the survey balance falling below the long-run average. However, internet
sales growth is set to pick up strongly in July.

Within the retail sector, the picture was mixed. Grocers (the largest sub-sector) reported sales rebounding in the year to June, while sales growth also strengthened in the furniture & carpet sector. Robust growth was reported in hardware & DIY and non-store, but growth slowed in the clothing sector and sales fell in a number of other sectors.

Elsewhere, growth in sales volumes remained solid in both the wholesale and motor trades sector in the year to June, albeit at a slower pace. The latter is set to slow further in the year to July.

via CBI

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza