UK retail sales drop 0.6 per cent
UK retail sales drop 0.6 per cent
Thursday 18th June 2009
UK retail sales fell 0.6 per cent between April and May, official figures released today show.Sales volumes were also 1.6 per cent lower than 12 months ago, the Office of National Statistics (ONS) reports.
However, sales for the three months up to May were 0.3 per cent higher than the three months previous.
Analysts claim the continuing rising unemployment levels and widespread wage freezes are starting to bite retail sales.
Yesterday it was announced 2.26 million people are now out of work and the figure is set to rise until at least the end of this year.
Clothing and footwear saw sale volumes drop 1.9 per cent of the previous month with consumers shying away from buying big-ticket items.
Commenting on the figures, Vicky Redwood, of Capital Economics, is quoted by the Press Association news agency as saying: "We wouldn't be surprised if this marked the start of a period of rather weaker sales growth than of late. The credit crunch-driven nature of the slowdown so far appears to have primarily hit spending off the high street.
"But as the deteriorating labour market and future tax rises hit household incomes more generally, we expect a prolonged period of weakness in both retail and non-retail spending."
Related News
Public borrowing hits record levels - 18/06/09
UK public sector borrowing hit record levels last month adding yet more pressure on the public finances, official figures out today show
UK public sector borrowing hit record levels last month adding yet more pressure on the public finances, official figures out today show
Mortgage lending drops in May - 18/06/09
Mortgage lending fell two per cent during the month of May, new figures from the Council of Mortgage Lenders (CML) published today show
Mortgage lending fell two per cent during the month of May, new figures from the Council of Mortgage Lenders (CML) published today show
FTSE 100 drops in early trading - 18/06/09
The FTSE 100 was down in early trading as gains and losses were spilt across sectors
The FTSE 100 was down in early trading as gains and losses were spilt across sectors
Upbeat Darling at odds with Bank governor - 18/06/09
Alistair Darling has said he is confident the UK economy will return to growth in the new year, while the governor of the Bank of England has urged the government to grant him more regulatory powers
Alistair Darling has said he is confident the UK economy will return to growth in the new year, while the governor of the Bank of England has urged the government to grant him more regulatory powers
Obama seeks 'transformation' of US financial regulation - 18/06/09
Barack Obama has unveiled sweeping, landmark reforms of the United States financial system in a bid to prevent such a powerful recession from striking again
Barack Obama has unveiled sweeping, landmark reforms of the United States financial system in a bid to prevent such a powerful recession from striking again
News Article Search
Quick Apply
News Archive