FLASH: UK retail disappoints during bad weather
- Retail sales disappointed expectations by falling 1.2% m-o-m as bad weather depressed petrol, clothing and food sales in particular. A quarterly decline weighs on Q1 GDP growth but was mostly already baked into my 0.36% forecast.- Other surveys are less gloomy, and many ended Q1 on a strong note. With real wages growing again and favourable Spring weather in April, a strong rebound is likely in the next release that will support Q2 and not dissuade a May rate hike.
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