UK retail sales rise in July

UK retail sales rose by 0.3% in July, better than expected of 0.2% rise, while the previous month's reading was revised down to 0.3% from 0.6%. On an annualized basis, retail sales rose less than expected 1.3% compared to the previous reading which revised down from 3% to 2.8%.
Excluding fuel sales, retail sales rose by 0.5% on a monthly basis, with an annualized increase of 1.5% from 2.8%.
Overall, confidence in spending outlook remains weak, especially in the face of instability in real wages. However, the labor market remains strong, which may mitigate this to a certain extent. These data will keep the outlook for weak growth in the short term.