UK retail sales bounces back - TDS

Research Team at TDS, notes that the UK retail sales in April bounced back 1.3% m/m off an upward-revised March decline of -0.5% m/m (was -1.3%), confirming their upside bias.

Key Quotes

“Monthly increases were broadly-based across all major categories including clothing, suggesting that the cold weather did not impact sales as much as feared (though clothing remains -6.4% y/y). Today’s positive report should provide a good lift to the household sector heading into the second quarter and offset some of the headwinds coming from referendum-related uncertainty that is particularly affecting UK business spending.”