Retail sales (ex autos, fuel) +0.8% vs +0.3% m/m expected
Prior -1.0%; revised to -1.4%
Retail sales (ex autos, fuel) -2.6% vs -2.8% y/y expected
Prior -3.2%; revised to -4.0%
That’s a minor beat but take note that it comes after a softer revision to the March numbers. Looking at the breakdown:
Non-food stores +1.0% m/m (-1.8% prior)
Food stores +0.7% m/m (-0.8% prior)
Non-store retailing +0.2% m/m (-1.4% prior)
Automotive fuel sales -2.2% m/m (+0.1% prior)
It’s a welcome development but the fact that food stores sales volumes are still down by 2.7% relative to their pre-pandemic levels i.e. February 2020, it does highlight the softness in spending. And when you throw in price increases and the impact of inflation, you can see why as per below (and also highlighted last month here):
/GBP
GBP
The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth
The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth Read this Term
