UK retail sales up 0.7% in June

| July 22, 2010 | 0 Comments
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The Office for National Statistics (ONS) has today announced a rise in UK retail sales for the month of June - exceeding market forecasts.

According to the ONS, the value of UK retail sales grew 0.7% in June compared with May, boosted by sales of electrical goods, such as televisions for the World Cup.

Excluding petrol sales, sales rose 1% on the month and were 3.1% higher on an annual basis, the ONS said.

However, despite the strong performance, analysts remain cautious about consumer spending as households continue to be squeezed, due to higher unemployment.

It is hoped today’s figures will provide a boost to second quarter GDP figures - due to be published tomorrow.

Commenting, IHS Global Insight economist Howard Archer, said: “Retail sales performed well in June - even if England’s football team did not - as they were lifted by the World Cup, good weather and evidence of increased discounting.”

In other news today, the Society of Motor Manufacturers and Traders (SMMT) revealed a sharp rise in UK car production for the month of June.

Car production surged 28.6% against the same month a year ago, while production for the first half of 2010 is 55% higher than the same period last year,

The SMMT said there were 118,000 cars produced in June – the eighth month in which production increased.

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