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UK: Three reasons not to get too excited about the retail rebound
UK retail sales are now higher than they were pre-crisis, but this doesn't necessarily imply that we're heading for a 'V-shape' recovery. A lot will depend on how far unemployment increases over the coming weeks and months, but also on whether consumers begin to feel safer visiting the high street and pubs and restaurants UK retail sales increased by just shy of 14% in June, and that means the overall index (excluding fuel) is now higher than it was pre-virus. But while this will undoubtedly prompt renewed discussion about a ‘V-shape’ recovery, we aren’t so sure that’s really what’s going on. Firstly, ... (full story)