June brings welcome rise in retail sales - Economy - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

June brings welcome rise in retail sales

June brings welcome rise in retail sales

Category: Economy

Updated: 04/08/2009
First Published: 24/07/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Hopes that the worst of the recession has been and gone have been boosted by a 1.2 per cent monthly increase in UK shop sales throughout June.

Figures from the Office for National Statistics show the June rise, which follows a 0.9 per cent fall in May, was driven by an almost five per cent increase in sales of clothing, with consumers keen to snap up summer outfits in what was a scorching month.

The margin of improvement far outweighed experts' predictions, with economists predicting a jump of approximately 0.3 per cent.

Food stores also recorded sales increases, with figures improving by 0.7 per cent compared to May.

Quarterly figures also offered encouragement, with sales between April and June up by 0.7 per cent compared to the previous three month period. Food stores experienced the biggest jump, with sales expanding by 1.6 per cent.

Year on year comparisons saw the most marked increases, with total sales up by 2.9 per cent compared to June 2008. Food and clothing stores led the upturn with annual gains of 2.6 per cent and 11.3 per cent respectively.

While the figures offer encouragement, consumers have been warned that with unemployment rising and lending stunted, the recovery is still likely to be drawn out and sluggish.

However, more hope will be taken from tomorrow's GDP figures, which are expected to show the rate of decline in the UK economy slowed substantially compared to the 2.4 per cent contraction between January and March.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
Close