UK Retail Sales Grows by 1.1 Percent in July

Britain’s shoppers stocked up on sausages and sun cream during the warmest July for seven years, helping to boost retail sales growth last month to a stronger-than-expected 1.1%.

In the latest piece of evidence that the economy is enjoying a summer bounce, the Office for National Statistics (ONS) said retail sales increased by 1.1% in July, after a 0.3% rise in June, as the warm weather set the tills ringing.

The ONS said spending had been strong across a range of sectors, including food and clothing. “Feedback from supermarkets suggested that the sunny weather boosted sales across a range of products including food, alcohol, clothing and outdoor items,” it added.

Overall sales were 3% higher than in the same month last year – the strongest annual rise since the start of 2011 – while “predominantly food” stores saw a strong 2.5% jump in sales in the month.

The coalition is hoping that renewed consumer confidence, helped by the improving housing market, will underpin the economic recovery in the second half of this year, after GDP expanded by 0.6% in the second quarter.

via The Guardian

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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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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