Economic news

UK customers flood stores excited by royal wedding and summer weather

May’s spike in UK retail sales marked the second consecutive month of rises, dramatically surpassing forecasts thanks to the royal wedding and favorable weather, which let the customers overcome the plunge of winter, today’s figures say.

The pound rose on the data as investors interpreted it as an indicator of economy rebound after an abrupt deceleration at the year’s start, deferring possible interest rate increase.

Retail sales gained as much as 1.3% in May, which came after April’s revised up reading of 1.8%, according to the Office for National Statistics.

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