Cooler UK Weather Chills Retail Sales In June

More details: See here

Headlines:

• "Global Trade Tumbles Amid Escalating Trade War" (Source: Al Jazeera)

• "US GDP Growth Slows to 2. 1% in Second Quarter" (Source: CNN)

• "European Central Bank Signals End to Stimulus Programme" (Source: Financial Times)

• "UK Retail Sales Rebound in July, But Remain Weak" (Source: The Guardian)

• "China's Exports Fall 1. 3% in July Amid Trade Tensions" (Source: Bloomberg)

• "Oil Prices Rebound Amid Diplomatic Tensions" (Source: Reuters)

• "US Job Market Shows Signs of Strength Amid Economic Uncertainty" (Source: CNBC) Note: These bullet points provide recent news headlines on various economic trends and market performances from around the world... showcasing the complexity and dynamism of global economies.

#news

LONDON (Reuters) -British retail sales volumes fell by more than expected in June, after unseasonably cooler weather put off shoppers, official figures showed on Friday.

Sales volumes dropped by 1.2% last month after a 2.9% jump in May, the Office for National Statistics said.

A Reuters poll of economists had on average forecast sales volumes would drop by 0.4% on the month.

While wages are now rising more quickly than inflation, British shoppers have been squeezed by high inflation over the past two years. It has slowed recently and held at the Bank of England's 2% target last month.

However, underlying inflation pressures have diminished hopes among investors for an interest rate cut on Aug. 1, the date of the BoE's next scheduled monetary policy announcement.

Lisa Hooker, PWC's leader of industry for consumer markets, said, shoppers were still reluctant to spend despite the fall in inflation, wage increases and lower social security contributions.

⁘It appears that the cooler, wetter weather over spring and early summer, combined with longer term uncertainty in the period prior to the general election, has discouraged shoppers from both buying seasonal goods and making longer-term big ticket purchases,⁘ Hooker said.

Recent reports from retailers have also shown the impact of June's poor weather on discretionary spending.