UK: retail sales not damped by Jun-19 rains
- UK retail sales surged by 1.0 m-o-m in Jun-19, contrary to the extremely gloomy surveys and widespread expectations. Unseasonably wet weather appears to have damped sentiment but not actual sales again this year.- Real incomes are growing, and consumers are unconcerned about their prospects, despite a potentially disorderly Brexit weighing on their view of the economy. The realisation of the risk may change that, but they are otherwise still splurging.
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