Investing.com - Retail sales in the U.K. rose for the third consecutive month in July, easing concerns over the country’s economic outlook, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said retail sales climbed by a seasonally adjusted 1.1% in July, beating expectations for a 0.6% gain.
Retail sales rose by 0.2% in June.
Year-on-year, retail sales increased at an annualized rate of 3% last month, above expectations for a 2.5% gain, after rising at a rate of 1.9% in June.
Core retail sales, which exclude automobile sales, rose 1.1% in July, above forecasts for a 0.6% gain, after increasing 0.3% in the preceding month.
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.52% to trade at 1.5580, the strongest level since June 19.
Meanwhile, European stock markets remained lower. London’s FTSE 100 eased down 0.4%, the EURO STOXX 50 shed 0.2%, France’s CAC 40 dipped 0.2%, while Germany's DAX slumped 0.3%.
In a report, the U.K. Office for National Statistics said retail sales climbed by a seasonally adjusted 1.1% in July, beating expectations for a 0.6% gain.
Retail sales rose by 0.2% in June.
Year-on-year, retail sales increased at an annualized rate of 3% last month, above expectations for a 2.5% gain, after rising at a rate of 1.9% in June.
Core retail sales, which exclude automobile sales, rose 1.1% in July, above forecasts for a 0.6% gain, after increasing 0.3% in the preceding month.
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.52% to trade at 1.5580, the strongest level since June 19.
Meanwhile, European stock markets remained lower. London’s FTSE 100 eased down 0.4%, the EURO STOXX 50 shed 0.2%, France’s CAC 40 dipped 0.2%, while Germany's DAX slumped 0.3%.