ECONOMICS COMMENTARY
May 29, 2013
UK: Consumers hold key to poor growth outlook
A disappointing CBI surveys paints a picture of falling retail sales in May, but the outlook is one of modest sales growth in coming months. Sales growth should pick up again in June, in line with retailers' expectations, though any strong resurgence in consumer spending is clearly very unlikely to take place any time soon. Until real wages start rising, downbeat consumers will keep a lid on the UK's recovery prospects.
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