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Big jump in retail sales in June | Big jump in retail sales in June |
(10 minutes later) | |
Sales in UK shops shot up 1.2% in June following a sharp fall in May as hot summer weather boosted clothing purchases, official figures show. | Sales in UK shops shot up 1.2% in June following a sharp fall in May as hot summer weather boosted clothing purchases, official figures show. |
The jump was much more than the 0.3% rise expected by economists. Retail sales had fallen 0.9% in May. | The jump was much more than the 0.3% rise expected by economists. Retail sales had fallen 0.9% in May. |
The Office for National Statistics said that sales rose 2.9% from June 2008. | The Office for National Statistics said that sales rose 2.9% from June 2008. |
Shops have also brought forward their summer sales, which along with the effects of last month's heatwave, enticed consumers to spend. | Shops have also brought forward their summer sales, which along with the effects of last month's heatwave, enticed consumers to spend. |
Earlier this week, clothing retailer Next said the good weather had bolstered its sales, allowing its to raise its profit forecast. | |
Nobody should take too much comfort from today's figures - household retrenchment has a way to run yet Colin Ellis, Daiwa Securities | |
The much better-than-expected retail sales figures lend support to the view that the UK is now over the worst of the recession. | |
Economic growth figures due on Friday are expected to show that the economy shrank by about 0.4% between April and June, compared with a 2.4% contraction in the first three months of the year. | |
However, retail sales are often volatile and analysts said UK households would continue to struggle. | |
"Nobody should take too much comfort from today's figures - household retrenchment has a way to run yet, especially with unemployment rising," said Colin Ellis at Daiwa Securities. | "Nobody should take too much comfort from today's figures - household retrenchment has a way to run yet, especially with unemployment rising," said Colin Ellis at Daiwa Securities. |
The ONS said that sales in textile, clothing and footwear stores rose by 11.3% from a year earlier, but sales of big-ticket household items were down. |
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