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Trade News Archive June 08 May 08 April 08 March 08 February 08 January 08
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19th June 2008
Retail sales surge in the UK
Retail sales in the UK rose significantly in May, government figures have shown.
The Office for National Statistics (ONS) reported that total sales volume rose by 3.5 per cent between April and May - the largest jump since records began.
As a result, total retail sales in the last three months are up 5.4 per cent than in the same quarter of 2007.
In particular, the figures showed that on-food stores increased by 3.9 per cent, the largest increase since March 1991.
An ONS statement explained: "This was mainly driven by textile, clothing and footwear stores."
Michael Taylor, an economist at Lombard Street Research, told the Bloomberg news agency that the figures were "off the scale".
He explained: "This number shows more resilience in the U.K. consumer than we had thought, but the underlying picture remains one of weakness. My view is that interest rates are on hold for the rest of this year, and then cuts next year."
The figures back up data released by the British Retail Consortium earlier this month which showed that its members believed sales rose 1.9 per cent in May.
(c) 2008 Adfero Ltd.
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