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UK Retail Sales Rebound Unexpectedly In June

UK retail sales recovered unexpectedly in June, data from the Office for National Statistics showed Thursday.

Retail sales volume increased 1 percent month-on-month in June largely driven by non-food product sales. Sales were forecast to fall 0.3 percent after easing 0.6 percent in May.

Likewise, sales excluding auto fuel, expanded 0.9 percent after falling 0.4 percent each in May and April. Economists had forecast a 0.2 percent drop for June.

On a yearly basis, growth in retail sales accelerated to 3.8 percent from 2.2 percent in May. The rate also exceeded the expected rate of 2.6 percent.

Excluding auto fuel, retail sales climbed 3.6 percent after expanding 2 percent in the previous month. Economists had expected an annual growth of 2.6 percent.

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