Food Stores and Non-Food Stores See Growth in June
- June retail sales increased by 0.7% compared to forecasts of 0.2%
- Non-food stores sales volumes rose by 1.0% in June
- Food store sales volumes bounced back with a 0.7% growth in June
- Non-store retailing sales volumes increased by 0.2%
- Online spending values fell by 0.5% due to decreased clothing and food store sales
June retail sales surpassed expectations, rising by 0.7% compared to predictions of a 0.2% increase, according to the Office for National Statistics (ONS). Non-food stores experienced a 1.0% growth in sales volumes in June, following a decline of 0.5% in May. Food stores saw a 0.7% rise in sales volumes after a 0.4% drop in May, with some supermarkets attributing the increase to good weather and promotions. Non-store retailing sales volumes also grew by 0.2%, following a 2.4% rise in May. However, online spending values fell by 0.5% due to decreased clothing and food store sales returning to previous levels after an increase last month. ONS Chief Economist Grant Fitzner commented that while growth slowed on an annual basis at its slowest rate since the beginning of the Ukraine war, retail sales were still strong, particularly in food and non-food sectors.
Factuality Level: 8
Factuality Justification: The article provides accurate information about retail sales figures from the Office for National Statistics, cites specific percentages and compares them to previous months, and includes a quote from an ONS chief economist to support its claims. It also mentions the potential factors influencing the sales (weather, bank holiday, etc.). However, it lacks context on the overall economic situation or industry trends, which could improve the rating.
Noise Level: 3
Noise Justification: The article provides relevant information about retail sales figures and their growth in June compared to predictions, with some context from ONS chief economist Grant Fitzner. However, it lacks a deeper analysis or exploration of the underlying factors behind these trends and does not offer actionable insights for readers.
Financial Relevance: Yes
Financial Markets Impacted: Retail sales data impacts retail companies’ stock prices
Financial Rating Justification: The article discusses retail sales figures, which can affect the performance and stock prices of retail companies, making it financially relevant.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
www.retailsector.co.uk