FLASH: UK retail sales relax while resources recover
- UK retail sales grew by 0.5% m-o-m (ex-auto fuel) in July, which was slightly faster than expected. Food sales drove the increase.
- Annual and 3m-o-3m growth has slowed slightly. Other measures of retail sales have not slowed, so the ONS data now appear to be gloomy outliers.
- With quarterly real income growth and PPI compensation payouts no longer down heavily on last year, this drag on resources and expenditure has alleviated.
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