Retail sales rebound in May

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Retail sales volumes came in much stronger than expected in May, following a wash-out in April.

Sales rose in every category, with Clothing and footwear sales bouncing back particularly strongly, up 5.4%. This suggests the weather Gods were mainly to blame for April’s weak showing, and not anything more sinister.

Moderating inflation and a healthy jobs market mean consumers are still spending, despite interest rates having remained higher for longer. With rates widely expected to be cut later this summer, this could inject a further boost of optimism.

Following April’s weakness, retailers up and down the country will be breathing a sigh of relief. There is nothing in May’s retail figures to suggest consumers are cutting back. In fact, one could even go as far to say that the consumer is in fine health.