Retail Sales (May 2020) Preview - 0930BST...>

UK DATA: Retail Sales (May 2020) Preview - 0930BST

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- BBG median: 6.5%m/m; -16.4%y/y; Prev (Apr): -18.1%m/m, -22.6%y/y

- Ex. Fuel: BBG: 5.5% m/m, -13.8% y/y; Prev (Apr): -15.2% m/m, -18.4% y/y 

- Monthly retail sales plummeted to a series low of -18.1% in Apr as almost

every category recorded sharp declines with automotive fuel (-52.0%) and

clothing and footwear (-50.2%) showing the largest drops. 

- Markets project a rebound in May to +6.5%, while sales ex fuel are seen at

+5.5%. 

- However, the annual rates for both indicators are still forecast to post

another negative reading in May. 

- The majority of non-essential shops remained closed in May, however several

shops such as garden centres were allowed to reopen earlier. 

- Market expectations are in line with survey evidence, indicated by the BRC

shop price index which noted another decline in yearly sales, despite a monthly

uptick.