Retail sales fall 0.1pc in May – CSO
THE volume of retail sales fell 0.1pc in May 2012 when compared with April.
There was an annual decrease of 2.1pc, according to new figures from the CSO.
When car sales are exclude, the volume, excluding price effects, the drop was 0.8pc in May.
However, there was an annual increase of 0.8pc.
“Despite a pick-up in ‘core’ sales in May, we’re not anticipating a major rise in spending in the coming months,” said Alan McQuaid, chief economist at Merrion Stockbrokers.
“Heightened uncertainty about the prospects for future incomes may well persist given the high level of unemployment such that consumers could continue to maintain buffers to protect against adverse income shocks.”