This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-33181792
The article has changed 4 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| UK retail sales growth slowed in May | UK retail sales growth slowed in May |
| (35 minutes later) | |
| UK retail sales rose by 0.2% in May, a slowdown from a rise of 0.9% in April, after shoppers bought fewer clothes. | UK retail sales rose by 0.2% in May, a slowdown from a rise of 0.9% in April, after shoppers bought fewer clothes. |
| The Office for National Statistics said clothing sales were 1.6% down on April's level, the biggest fall since September 2014. The fall included a drop in internet clothing sales. | The Office for National Statistics said clothing sales were 1.6% down on April's level, the biggest fall since September 2014. The fall included a drop in internet clothing sales. |
| Economists had expected retail sales to be flat in May after sales in April were boosted by unusually warm weather. | Economists had expected retail sales to be flat in May after sales in April were boosted by unusually warm weather. |
| By contrast, May was cooler than normal. | By contrast, May was cooler than normal. |
| Food stores had a good month, with volumes up 0.6%, the biggest increase since December. Household goods stores and petrol stations also saw growth. | Food stores had a good month, with volumes up 0.6%, the biggest increase since December. Household goods stores and petrol stations also saw growth. |
| Some economists have predicted that UK consumer spending could be on track for a strong year as low inflation and rising wages give households more disposable income. | Some economists have predicted that UK consumer spending could be on track for a strong year as low inflation and rising wages give households more disposable income. |
| 'Survival mode' | |
| After a sunny April, May "must have felt like the return to a long winter for retailers" said Keith Richardson, managing director of retail at Lloyds' commercial banking arm. | |
| "Despite falling prices and the feel-good factor of a Royal birth, savvy shoppers have had caution ingrained into their spending habits and are not yet ready to break out of their thrifty survival mode." | |
| However, despite the relatively modest sales rise, Howard Archer, chief UK and European economist at IHS Global Insight said "the underlying trend looks healthy". | |
| "The prospects for retail sales and consumer spending look bright," he said. "Consumer confidence is pretty elevated, employment is high and rising, inflation is negligible and earnings growth is improving." |