UK: new retail habits persisting in Jul-20
- Retail sales more than fully recovered their pre-lockdown level in July, but this remains supported by the rotation away from consumer services. Non-food store sales are still 6.5% lower than February, with sales in high street outlets far worse.- Non-retail activity resumed later, so the GDP rebound has lagged retail sales by about a month, but it is also only matching about 70% of the pace. New habits can harm output by occurring at a lower cost while creating severe relative losers.
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