UK retail sales dropped 0.5% m/m in June, a big miss on expectations

• UK retail sales dropped 0.5% m/m in June, arriving below market expectations.
• The core retail sales in the UK declined 0.6% m/m in June.

The UK retail sales dropped 0.5% over the month in June, coming in way below the market expectations while core retail sales stripping the auto motor fuel sales dropped 0.6% m/m.

On an annualized basis, the UK retail sales rose 2.9% in June versus 3.9% expected while the core retail sales rose 3.0% in the reported month versus 4.5% previous and 3.0% expectations.