The latest survey by the British Retail Consortium suggests that retail sales declined in the UK for the third month in a row in June. This is definitely one to watch carefully.
Sales in stores open at least a year fell 0.5 percent compared with June 2004, the London-based lobby group said today. The drop followed a 2.4 percent slide in May and a 4.7 percent drop in April. Same-store sales declined 2.4 percent in the three months through June from a year earlier.
2 Responses
Feed: A Fistful of Euros
July 5th, 2005 at 11:39 am
This is consistent with the earlier rate hikes. It’s a well-needed recession. They’ll start cutting rates when the hurting starts to get too bad.
July 5th, 2005 at 1:57 pm
“It’s a well-needed recession.”
Well, we’ll be able to see how ‘well-needed’ it is when we get to see how big it is.