Retail sales volumes rose by 0.3% in July, which was better than expected, after a dramatic upward revision from 0.1% to 0.8% in June. As a result, sales volumes were up by 2.8% on a year earlier, 3.3% excluding automotive fuel.
The July numbers themselves were unspectacular, with clothing and footwear and household goods' sales down on the month, by 1.8% and 1.5% respectively, probably as a result of the bringing forward of summer sales. Food sales were up, however, and sales volumes in the latest three months were up by 0.9% on the previous three months, 1.4% excluding automotive fuel.
The upward revision to retail sales in June should give a stronger service-sector number for the second quarter, alongside better manufacturing and construction. Let us see if it does. More here.