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20/06/2002
UK shopping spree falters in May
The UK shopping spree is showing signs of slowing down as retail sales slid by 0.6% in May.
The latest figures released by the Office for National Statistics indicate that the fall was mainly attributed to a decline in clothing and shoe sales during the period.
The fall was larger than many analysts had anticipated, but comes on the back of several reports indicating that economic recovery may be some way off.
While the housing market is beginning to show signs of a slowdown, the retail sales boom, a sector which has been viewed as largely responsible for holding up a shaky UK economy, was considered to be vital in sustaining the economy.
The surprise fall in sales followed a period of growth in April when figures were revised upwards.
However, it is thought that the Bank Holidays in May have contributed to the decline in sales. Also a possible factor was the unseasonably wet period of weather which may have depressed clothing and footwear sales.
(SP)
The latest figures released by the Office for National Statistics indicate that the fall was mainly attributed to a decline in clothing and shoe sales during the period.
The fall was larger than many analysts had anticipated, but comes on the back of several reports indicating that economic recovery may be some way off.
While the housing market is beginning to show signs of a slowdown, the retail sales boom, a sector which has been viewed as largely responsible for holding up a shaky UK economy, was considered to be vital in sustaining the economy.
The surprise fall in sales followed a period of growth in April when figures were revised upwards.
However, it is thought that the Bank Holidays in May have contributed to the decline in sales. Also a possible factor was the unseasonably wet period of weather which may have depressed clothing and footwear sales.
(SP)
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Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
