Thursday, June 16, 2011
Retail sales slump in May
Posted by David Smith at 10:00 AM
Category: Thoughts and responses

The volume of retail sales dropped by 1.4% in May, more than reversing the 1.1% rise in April. The Office for National Statistics says the weakness reflects concerns among consumers over the economic climate, including rising food and fuel prices. The trend, however, looks flat, with sales volumes up by 0.1% over the latest three months and by 0.2% on a year earlier. Retailers will be hoping the May rise in consumer confidence is reflected in higher sales over the summer.

Take out automotive fuel and the retail sales picture was even weaker: down 1.6% in volume in May and by 0.1% over the latest three months.

Sales values also fell by 1.4% in May but were up by 3.8% on a year earlier, reflecting higher prices. More here.