The United Kingdom today reported upbeat news to finally break the stream of the downbeat data this week. Retail sales rose strongly in April supporting a temporal relief for the U.K. economy and for battered sterling.
Retail sales in April were supported by the Easter holiday and the Royal Wedding that kept Britons spending and offset the reported rise in joblessness and surging inflation to 4.5%.
Retail sales excluding auto fuel rose 1.2% in April following an upside revised 0.4% gain in March from 0.2% and beat the 0.8% expected. On the year sales are higher by 2.7% from a revised 0.8% that was originally reported at 0.9% and better than 2.2% expected.
With auto fuel, sales rose 1.1% from 0.3% that was revised from the 0.2% original estimate and above 0.8% expected. On the year, sales rose further with 2.8% rise from a revised 1.1% from 1.3% and above the expected 2.5% rise.