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Retail Sales Showing Tentative Signs of Recovering

UK DATA
MNI (London)
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income NewsForeign Exchange NewsUKBank Of England (BOE) Market News

UK retail sales data for April was slightly stronger than anticipated. Sales rose +0.5% m/m including fuel and by +0.8% m/m when excluding fuel, beating consensus expectations of +0.3% and +0.4% growth.

  • Non-food sales grew by +1.0% m/m in April, partly rebounding from -1.8% m/m in March, where wet weather conditions saw reduced demand.
  • Food sales increased +0.8% m/m in April, yet remain weak (-2.7% compared to Feb 2020) due to persistently high food inflation.
  • Downwards pressure came from fuel sales in April (-2.2% m/m).
  • On a trend basis, 3m/3m sales rose +0.8%, the strongest since August 2021 (+1.3%), implying that the retail sector is showing early signs of recovery (despite remaining -0.8% below pre-pandemic levels). Downwards revisions to March data implied a smaller positive contribution to Q1 GDP of +0.02% (+0.03% previously).
  • The May consumer sentiment indicator posted a fourth consecutive improvement, albeit remains firmly in pessimistic territory, implying upticks in spending will remain modest for now.

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UK retail sales data for April was slightly stronger than anticipated. Sales rose +0.5% m/m including fuel and by +0.8% m/m when excluding fuel, beating consensus expectations of +0.3% and +0.4% growth.

  • Non-food sales grew by +1.0% m/m in April, partly rebounding from -1.8% m/m in March, where wet weather conditions saw reduced demand.
  • Food sales increased +0.8% m/m in April, yet remain weak (-2.7% compared to Feb 2020) due to persistently high food inflation.
  • Downwards pressure came from fuel sales in April (-2.2% m/m).
  • On a trend basis, 3m/3m sales rose +0.8%, the strongest since August 2021 (+1.3%), implying that the retail sector is showing early signs of recovery (despite remaining -0.8% below pre-pandemic levels). Downwards revisions to March data implied a smaller positive contribution to Q1 GDP of +0.02% (+0.03% previously).
  • The May consumer sentiment indicator posted a fourth consecutive improvement, albeit remains firmly in pessimistic territory, implying upticks in spending will remain modest for now.

Keep reading...Show less