Green Shoot! in the UK a Harbinger for the US?
BBC News
UK retail sales fall back in May
Retail sales volumes in May were 0.6% lower than in April and 1.6% lower than in the same month a year ago, said the Office for National Statistics (ONS).
Sales in March to May were 0.3% up on the previous three months.
Retail sales have held up well so far this year, but wage freezes and the growth in unemployment were putting pressure on consumers, analysts said.
Earlier this month, the British Retail Consortium said sales in May fell from a year earlier as hard-up consumers steered clear of buying big-ticket items.
Clothing and footwear stores saw volumes decline by 1.9% over the month, while "other" stores - including sectors such as photography and sports - registered a 3% fall...
"We wouldn't be surprised if this marked the start of a period of rather weaker sales growth than of late," said Vicky Redwood of Capital Economics.
"The credit crunch-driven nature of the slowdown so far appears to have primarily hit spending off the High Street.
"But as the deteriorating labour market and future tax rises hit household incomes more generally, we expect a prolonged period of weakness in both retail and non-retail spending."
For Perspective - 40 Years of US Retail Sales Data (1969-2009)
Some more Maydata from across the pond -
Factory orders fall more than expected
Reuters UK - 8 minutes ago The CBI's monthly industrial trends survey's total order book balance rose to -51 this month from -56 in May, below forecasts for a reading of -45. ...
ps: Fascinating how the MSM, in this case Reuters, framed this truly dramatic rate of decline as "rose" to (negative) 51.
UK retail sales fall back in May
Retail sales volumes in May were 0.6% lower than in April and 1.6% lower than in the same month a year ago, said the Office for National Statistics (ONS).
Sales in March to May were 0.3% up on the previous three months.
Retail sales have held up well so far this year, but wage freezes and the growth in unemployment were putting pressure on consumers, analysts said.
Earlier this month, the British Retail Consortium said sales in May fell from a year earlier as hard-up consumers steered clear of buying big-ticket items.
Clothing and footwear stores saw volumes decline by 1.9% over the month, while "other" stores - including sectors such as photography and sports - registered a 3% fall...
"We wouldn't be surprised if this marked the start of a period of rather weaker sales growth than of late," said Vicky Redwood of Capital Economics.
"The credit crunch-driven nature of the slowdown so far appears to have primarily hit spending off the High Street.
"But as the deteriorating labour market and future tax rises hit household incomes more generally, we expect a prolonged period of weakness in both retail and non-retail spending."
For Perspective - 40 Years of US Retail Sales Data (1969-2009)
Some more Maydata from across the pond -
Factory orders fall more than expected
Reuters UK - 8 minutes ago The CBI's monthly industrial trends survey's total order book balance rose to -51 this month from -56 in May, below forecasts for a reading of -45. ...
ps: Fascinating how the MSM, in this case Reuters, framed this truly dramatic rate of decline as "rose" to (negative) 51.