U.K. retail sales were up a bit more than might be expected in a nation that has been hit by a new recession. The Office of National Statistics reported:
In July 2012, all retailing seasonally adjusted sales volumes were estimated to have increased by 2.8 per cent compared with July 2011. Over the same period, all retailing seasonally adjusted sales values were estimated to have increased by 3.1 per cent.
Two sectors drove much of the improvement:
Household goods stores sales volumes increased by 2.0 per cent in July 2012 when compared with July 2011. Over the same period the value of sales increased by 1.5 per cent. Average prices are estimated to have decreased by 0.2 per cent in the year to July 2012.
And:
Non-store retailing sales volumes increased by 15.2 per cent in July 2012 when compared with July 2011. Over the same period sales values increased by 13.9 per cent when compared with July 2011. Average prices are estimated to have decreased by 1.2 per cent in the year to July 2012.
It is too early to call these signs of recovery, but another month or two of similar advance would encourage that conclusion.
Douglas A. McIntyre
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