Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK retail sales plunged by 2.5% in July, a much worse outcome than the 0.3% gain forecast by City analysts, with most categories of sales suffering falls. Food stores volumes declined by 1.5%, partially reversing a 3.9% gain in June, despite England's success in three European football matches in the month of July.
Non-food sales plunged by 4.4%, the other stores categories declining by 10.1%, dampened by antique shops and second-hand retailers. Internet sales rose by 0.3% between June and July, taking online transactions to 27.9% of all sales, up from 27.1 (and above the 19.8% in February 2021).
Despite the fall, retail sales stand 5.8% above pre-pandemic levels. June sales were revised to +0.2%, below the originally-reported 0.5% gain. However, Q2 sales were revised to +That took the gain in Q2 sales to + 11.7, below the 12.2% reported in July , but the revision will not affect the 0.6 percentage points addition to Q2 GDP as reported earlier this month.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.