U.K. retail sales recovered at a faster than expected pace in May after easing in April, the Office for National Statistics said Thursday.
Retail sales volume, including automotive fuel, rose 1.4 percent from the prior month, when it was down 2.4 percent. The increase was bigger than the expected growth of 1.2 percent.
Likewise, retail sales volume logged an annual growth of 2.4 percent, offsetting April's 1.1 percent drop. The increase exceeded the consensus forecast of 2.1 percent.
Excluding fuel, retail sales volume rose 0.9 percent month-on-month, after declining 1.1 percent in the previous month. Economists had expected only 0.7 percent increase.
Sales expanded 3 percent annually, erasing a 0.3 percent percent fall seen in April and better than the 2.7 percent increase forecast by economists.
by RTT Staff Writer
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