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U.K. retail sales likely to have dropped further in June
The U.K. retail sales data for June is set to release tomorrow. The focus in the second quarter has shifted to the extent to which growth has decelerated subsequently, following a surprisingly resilient start for the U.K. economy in 2019. A reversal of ahead of the initial end-March Brexit deadline has possibly added to the downshift in growth, although consumer spending also seems to have softened perceptibly in the second quarter, noted Wells Fargo in a research report.
In April and May retail sales dropped on a sequential basis, following three consecutive monthly rises in the first quarter. Recent sentiment surveys imply that the underlying trend in retail sector continues to be soft, and the consensus expects another fall of 0.3 percent sequentially in June.
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