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Retail Sales Posts Weak Annual Growth in May

According to data released by the British Retail Consortium, retail sales fell by 2.7% YoY in May 2019. This was the biggest cutback in shopping by British consumers in over 20 years.

However, the BRC also mentioned that the jump posted in retail sales in May 2018 was unusual, on account of good weather and Prince Harry’s wedding to Meghan Markle. In comparison to last year’s figure, the decline in this year’s corresponding figure for the month of May is an exception as result.

Sales posted a 0.2% growth in the three months to May, which is the weakest growth in three months seen since March 2017. So far, Brexit has not had much of an impact on consumers in the UK as a result of weak inflation and strong employment. But how long will this last?

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Arslan Butt
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Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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