July retail sales figures could signal end of recession
David Woods, 20 August 2009
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A stronger than expected rise in July retail sales suggests the recession could be ending.
During the month of July, UK retail sales rose 0.4% from the previous month, taking the annual gain to 3.3%, according the Office for National Statistics (ONS).
David Kern, chief economist at the British Chambers of Commerce (BCC), said: "The further improvement in retail sales confirms our assessment that the recession is ending. However, any recovery is likely to be weak and fragile.
"The worse than expected public-sector deficit emphasises the huge scale of adjustment that the UK is facing over the next few years. While it is impossible for the Government to properly tighten spending when the economy is weak and unemployment soars, a clear medium-term plan must be formulated to illustrate how the public finances will be returned to health."
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