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UK Retail Sales Suffer Biggest Fall in Six Months, No EU Effect Reported

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British retail sales suffered their sharpest monthly fall in six months in June, with officials citing poor weather hurting clothing sales rather than any impact from the vote to leave the European Union.

Retailers had not reported any anecdotal evidence of the unexpected result of the June 23 referendum affecting sales during the five-week period which ended July 5, the Office for National Statistics said.

While department stores got a boost from sales around the Euro 2016 soccer tournament and Queen Elizabeth’s 90th birthday, clothing stores suffered another poor month after unusually changeable weather.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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