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By
Reuters
Published
Jun 7, 2012
Reading time
2 minutes
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Retail sales bounce back in May

By
Reuters
Published
Jun 7, 2012

LONDON - Retail sales bounced back last month as warm, sunny weather tempted shoppers to buy summer clothes and food and drink, the British Retail Consortium said on Thursday.


Photo: Corbis


Another survey from manufacturing lobby EEF showed that companies expected output and orders to rise in the coming three months, although the organisation cut its production forecast for 2012 after a weak start to the year.

Both surveys painted a more positive picture of the economy, which has slipped back into recession around the turn of the year, and could add to views that the Bank of England may hold off announcing an extension to its quantitative easing asset purchases on Thursday despite the intensifying euro zone debt crisis.

The British Retail Consortium said like-for-like retail sales - or sales at stores open for at least a year - rose by 1.3 percent in value terms compared to May 2011, following a 3.3 percent plunge in April.

The rise was above the 0.8 percent increase forecast by economists in a Reuters poll.

The value of total retail sales, a measure favoured by economists and closer to that found in official statistics, was 3.4 percent higher on the year, after a 1.0 percent dip in April.

As the relentlessly difficult underlying conditions continue to make trading tough for retailers, any temporary boost is of even greater importance and retailers had plenty of reason to celebrate the eventual arrival of summer at the end of May," said BRC Director General Stephen Robertson.

Retailers will be hoping the boost continues, sustained by this summer's celebrations and sporting events," he said.

Britain's retailers have been struggling as consumers have cut back spending, and many have been pinning their hopes on celebrations for the Queen's Diamond Jubilee at the beginning of June and the Olympics in London between July and August.

However, Britain's economic recovery hangs in the balance as the euro zone debt crisis is weighing heavily on the global economy and Britain's export prospects.

A slump in the manufacturing Purchasing Managers' Index (PMI) in May increased fears last week that the country faces a longer and deeper recession, bringing back speculation the Bank of England may respond with further stimulus.

Manufacturing lobby EEF said its latest quarterly survey provided some reasons for cautious optimism though it warned against dangers from the euro crisis.

The poll showed that output grew across the sector over the past three months and manufacturers also expected continued expansion over the next three months.

Firms said they planned to increase investment in the next 12 months and expected their workforces to continue growing.

However, following a sharp fall in manufacturing output at the end of last year, the EEF forecast a 0.1 percent year-on-year contraction in manufacturing production for 2012 and overall economic growth of just 0.2 percent.

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