- Prior -2.7%; revised to -2.8%
- Retail sales +1.7% vs +1.8% y/y expected
- Prior -1.3%; revised to -1.1%
- Retail sales ex autos, fuel +0.6% vs +1.2% m/m expected
- Prior -2.8%; revised to -2.9%
- Retail sales ex autos, fuel +1.8% vs +2.0% y/y expected
- Prior -1.3%; revised to -1.2%
The readings are a miss on estimates but at least reaffirms a rebound after a very weak May showing. The details show broad increases in sales volumes, led by food store sales as retailers noted that the warm weather has had a positive effect. Non-store retailer’s sales volumes, which mainly includes online retailers, rose by 1.7% – the highest since February 2022. Retailers suggested that promotions and the good weather contributed.
All in all, it’s a positive showing after a very poor one in the month before. In that lieu, it isn’t good to change things with regards to the BOE outlook.
This article was written by Justin Low at investinglive.com.