United Kingdom Retail Sales decline 0.5% MoM in July, as expected
Retail Sales, a key measure of consumer spending, in the United Kingdom (UK) declined 0.5% month-over-month (MoM) in July after rising by 0.7% in June (revised from 1.0%), the latest data published by the Office for National Statistics (ONS) showed on Friday.
In July, United Kingdom retail sales experienced a decline of 0.5% month-over-month, in line with market expectations. The core Retail Sales, excluding auto motor fuel sales, dropped by 0.9% MoM, a decline from the previous 0.9% increase. The annual Retail Sales for the UK stood at 1.6%, down from a 3.8% rise the previous year, and below the anticipated 2.2%.
Core Retail Sales increased by 2.3% month-over-month, contrasting June's 5.0% rise, which was revised downward to 5.4%. The British Pound weakened slightly in response to the disappointing Retail Sales figures, with the GBP/USD pair trading 0.11% higher at 1.3645.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- UK retail sales growth slows to 1.6% in July, misses forecasts seekingalpha.com
