How many items of clothing did you buy last month? According to the Office for National Statistics, better weather in May sent clothing sales through the roof! Up to 4.3% month-on-month, this is the biggest rise the UK has seen in more than 2 years. Retail sales is the primary measure of consumer spending, which accounts for the majority of overall economic activity but this was unexpected. The rise was only expected to reach 0.2%.
Why do you think this could have been? Well, according to Scott Bowman, a UK economist at Capital Economics, Brexit fears could be among the causes of the boom in retails sales. Maybe people who are siding with the IN campaign saw that the OUT campaign were ahead and began binge buying?
It is the same story with the US retail sales coming out at the beginning of the week. Sales rose by another 0.5% with more people shopping online, buying clothing and sporting goods. With the Olympics coming up, it is a possibility that we will see more sporting goods being sold in the months ahead!
A lot of money was spent last month and with expectations for next month looking as though the rise in consumer spending is going to continue, don’t you want that bit of extra cash? If you would like to learn a bit more about Forex and how to earn money alongside your job, come to one of our free seminars to find out!