U.K. retail sales volumes dropped 2.3% in April as wet weather deterred shoppers, the Office for National Statistics said Friday.
Economists polled by Reuters expected a smaller fall of 0.4%.Sales were up 0.7% across the three months to April compared with the previous three months following a weak December and holiday season, but were down 0.8% year-on-year.
LONDON — "Sales volumes fell across most sectors, with clothing retailers, sports equipment, games and toys stores, and furniture stores doing badly as poor weather reduced footfall," the ONS said. March's figure was revised from flat to a 0.2% decline.Sales were up 0.7% across the three months to April compared with the previous three months following a weak December and holiday season, but were down 0.8% year-on-year.
Kris Hamer, director of insight at the British Retail Consortium, pointed to bright spots in the data in cosmetics and computer sales."With summer around the corner, and inflation fast approaching the Bank of England's 2% target, retailers are hopeful that consumer confidence will improve, and spending will pick up once again," Hamer said in a note.
Consumer confidence did improve in May across both personal finances and the outlook on the wider economy, according to ain April from 3.2%, figures published Wednesday showed. However, stickiness in core and services inflation led markets to push back bets for the first BOE interest rate cut from June to August or September.announced this week for July 4 might add"fresh uncertainty" into the minds of consumers who are already dealing with higher interest rates.
"Preparing for the warmer weather, ensuring ready access to finance and putting in place hedging arrangements will be essential for retailers wanting to ride out any future sales volatility," Monkhouse said.JPMorgan CEO Jamie Dimon says can't rule out 'hard landing' for the U.S.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK inflation comes in hotter than expected, slashing June rate cut betsThe Office for National Statistics released inflation figures for April on Wednesday.
Read more »
UK inflation drops to 2.3% in April, nearing Bank of England's targetThe Office for National Statistics released inflation figures for April on Wednesday.
Read more »
See all homes sold in these New Jersey counties, April 15 to April 21See all homes sold in these New Jersey counties from April 15 to April 21.
Read more »
San Diego's Weather Forecast for April 29, 2024: Warm end to AprilMegan Parry joined the ABC 10News team in 2014 as an esteemed meteorologist with a passion for delivering accurate weather forecasts and engaging with her community.
Read more »
Vote for Mid-Penn softball player of the week for games played April 22-April 27Click here for the latest PennLive MPC softball fan vote.
Read more »
See all homes sold in these New Jersey counties, April 8 to April 14See all homes sold in these New Jersey counties from April 8 to April 14, 2024.
Read more »