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UK retail sales growth in August slowed more than expected

FXStreet (Mumbai) - The data released by the UK Office for National Statistics (ONS) in the UK showed the sustained strength in the labor markets and the uptick in the wage growth did push households to spend at a faster rate in August.

The retail sales came-in at 3.7% y/y, compared to the estimated drop to 3.8% from July’s 4.2%. Month-on-Month the retail sales did print in line with estimates at 0.2% compared to July’s 0.3%. Excluding auto fuel, sales climbed 0.1%.

The ONS said month-on-month sales were mainly boosted by clothing, including school uniforms. Clothing and footwear rose 2.3% in August from July, the ONS said. The increase helped to offset declines at department stores and household-goods retailers. Food sales fell 0.9%. Retail sales account for 5.6% of the British economy, which has grown for 10 consecutive quarters.

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