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Economy in Brief

UK Real Retail Sales Pop in July
by Robert Brusca August 16, 2007

In the new third quarter, UK real retail sales excluding autos were up strongly - in July. Real retail sales are rising at a 7% annual rate in the new quarter. Real ex-auto retail sales are ramping up in terms of 3-month and 6-month trends as well. The UK is one country in the EU where consumers seem to have stepped up. In Germany growth has been strong but the consumer has lagged. In France recent stock market events have been worse than in other countries and its business surveys have weakened. The consumer remains the key to the next leg up in growth in Europe and only in the UK do we have evidence that the consumer is ready to comply.

UK Real and Nominal Retail Sales
Nominal Jul-07 Jun-07 May-07 3-MO 6-MO 12-MO Yr Ago
Retail Total -0.2% 0.3% -0.1% 0.0% 6.5% 3.5% 3.3%
Food Beverages & Tobacco -0.4% -0.5% -0.3% -4.4% 0.6% 0.8% 5.3%
Clothing Footwear -0.5% 0.2% -4.3% -17.1% 9.7% 1.6% 5.6%
Retail ex auto 0.7% 0.4% 0.4% 6.4% 8.1% 4.4% 4.1%
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