Despite the modest 0.2% m/m rise in headline retail sales in June, the bigger 0.6% m/m gain in underlying control group sales is a bit more encouraging, although second-quarter consumption growth still appears to have been a muted 1.2% annualised. We calculate that second-quarter GDP growth was 1.5%.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.