With the sun shining, UK retailers had another decent month in July as retail sales, excluding fuel, rebounded by 0.9% on the month as warm temperatures boosted sales of food and clothing, points out James Smith, Developed Markets Economist at ING.
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“Admittedly, the fairly large magnitude of this latest increase possibly says more about the volatility of the retail sales series than anything else, but the underlying details do tally with what Visa and the British Retail Consortium have said about recent trends.”
“But now that the wind and rain are back with us, we suspect the cracks in the high street are likely to become more visible once again.”
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