Published: Fri, July 21, 2017
Markets | By Erika Turner

Retail sales boosted in June by warmer weather

Retail sales boosted in June by warmer weather

Retail sales volumes rose 1.5% quarter-on-quarter in Q2 in contrast to a 1.4% quarter-on-quarter drop in Q1.

Online sales continued their relentless rise, increasing year-on-year by 15.9 per cent and by 1.8 per cent on the month, accounting for around 16.2 per cent of all retail spending.

Retail sales in the United Kingdom jumped during the month of June as Brits spent more money on clothing thanks to an extended period of hot, sunny weather, new data from the ONS released on Thursday shows.

The ONS calculated it would add nearly 0.1% to overall output in the economy, which is tipped to have expanded at a better pace than the 0.2% recorded in the three months to March.

This The Retail Sales Statistics released this morning have shown a positive boost mainly thanks to fine weather.

"Looking at the quarterly data, the underlying trend as suggested by the three-month on three-month movement is one of growth, following a fall in quarter one, suggesting a relatively flat first half of 2017".

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The data initially helped the pound rise back above the $1.30 level after jitters in early trading. "With the economy slowing it seems unlikely that falling unemployment could now trigger a significant increase in wage inflation".

There is some support for consumer sending coming from current solid employment growth; but it is questionable if this can continue in the face of weakened United Kingdom economic activity, increasing business uncertainty and concerns over the UK's economic and political outlook.

"The good weather we experienced in June helped to get people into stores to kit out their summer wardrobes - and retailers who were able to adopt an effective forecasting strategy to push full price sales were particularly prosperous".

Paul Hollingsworth, chief United Kingdom economist at Capital Economics, said that while it would be premature to get carried away over the state of the economy, the latest figures provided some much-needed good news.

"Households are not tightening their belts in response to higher inflation or Brexit uncertainty", said Paul Hollingsworth from consultancy Capital Economics.

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