UK retail sales dip further in Brexit-month, miss expectations

The office for National Statistics (ONS) published the UK’s retail trade report for the month of June, revealing that the consumer spending dipped further in the Brexit-month.

The UK’s retail volumes fell 0.9% in June m/m, while the annualized retail spending rose 4.3%. Markets had estimated a 0.3% dip on a monthly basis.

Retail sales data excluding volatile items such as fuel also dropped 0.9% m/m, although rose  3.9% y/y.