Blame it on the Rain (instead of the austerity)

[marmar]

May 23 (Bloomberg) -- U.K. retail sales fell the most in more than two years in April as record rainfall reduced demand for clothing and fuel sales plunged.

Sales including auto fuel declined 2.3 percent from March, when warm weather helped lift sales by an upwardly revised 2 percent, the Office for National Statistics said today in London. The median forecast of 24 economists in a Bloomberg survey was for a 0.8 percent decline. Sales excluding fuel dropped 1 percent, the most for almost a year.

Consumer spending is being curtailed as inflation outpaces wages and unemployment remains close to a 16-year high. Marks & Spencer Group Plc (MKS), the largest U.K. clothing retailer, cut its sales forecast yesterday and said the economic environment is “challenging.” Stripping out the impact of fuel and wet weather, retail sales were still down on the month, the statistics office said.

“The underlying picture is sluggish,” said Ross Walker, chief U.K. economist at Royal Bank of Scotland Group in London. “Employment remains fragile and wage growth weak.” ..................(more)

The complete piece is at: http://www.bloomberg.com/news/2012-05-23/u-k-retail-sales-fall-most-in-two-years-on-rain-effects.html

[xchrom]

1. du rec. nt