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U.K. Retail Sales Surge Takes Market by Surprise
Posted on June 19, 2008
The wind direction has changed suddenly in the UK. After several disappointing UK economic data and higher than expected inflation numbers, most market players are caught by surprise by today s release of UK retail sales which came out much better than even the most optimistic estimates. UK retail sales data surged 3.5% m/m and 8.1% y/y in May on increased food and clothing sales, eclipsing the -0.1% and 4.1% average forecasts. The 3.5% increase in UK sales was the most since the government survey began in 1986. In April, sales fell 0.3%. The year-over-year increase was the highest since 200...
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