For the month of May, retail sales growth in London (+3.5%) far exceeded expectations (-0.1%). Everybody’s congratulating the weather.
“I’m staggered,” said Philip Shaw, chief economist at Investec. “The figures are just on a completely different plane compared to market expectations. They contradict other anecdotal evidence suggesting retail sales activity is softening. There are bound to be questions about whether they reflect a true picture of activity and they will raise speculation of rate hikes.”
Brian Hilliard at Société Générale said: “It is amazing. I cannot believe this is a reflection of the underlying trend. A stunning number. We suspect weather as the explanation.”
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