Investing.com - Retail sales in the U.K. rose for the first time in three months in May, 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 soared by a seasonally adjusted 2.1% in May, blowing past expectations for a gain of 0.8%.
Retail sales fell by 1.1% in April, whose figure was revised from a 1.3% decline.
Year-on-year, retail sales increased at an annualized rate of 1.9% last month, soaring past expectations for a 0.2% gain, after rising at a rate of 0.8% in April.
Core retail sales, which exclude automobile sales, rose 2.1% in May, beating expectations for a 0.9% increase, after falling 1.2% in the preceding month.
Following the release of the data, the pound trimmed losses against the U.S. dollar, with GBP/USD shedding 0.16% to trade at 1.5461.
Meanwhile, European stock markets remained sharply lower. London’s FTSE 100 tumbled 2%, the EURO STOXX 50 sank 2.2%, France’s CAC 40 plunged 2.1%, while Germany's DAX dropped 2.3%.
In a report, the U.K. Office for National Statistics said retail sales soared by a seasonally adjusted 2.1% in May, blowing past expectations for a gain of 0.8%.
Retail sales fell by 1.1% in April, whose figure was revised from a 1.3% decline.
Year-on-year, retail sales increased at an annualized rate of 1.9% last month, soaring past expectations for a 0.2% gain, after rising at a rate of 0.8% in April.
Core retail sales, which exclude automobile sales, rose 2.1% in May, beating expectations for a 0.9% increase, after falling 1.2% in the preceding month.
Following the release of the data, the pound trimmed losses against the U.S. dollar, with GBP/USD shedding 0.16% to trade at 1.5461.
Meanwhile, European stock markets remained sharply lower. London’s FTSE 100 tumbled 2%, the EURO STOXX 50 sank 2.2%, France’s CAC 40 plunged 2.1%, while Germany's DAX dropped 2.3%.