UK retail solid growth
US retail is not alone in experiencing boom times. Reuters reported that UK sales in May went up 3.9% year on year. We were again disappointed by Reuters – we had to dig deep into their article to find this data. Most of it was focused on the analysis of meaningless month-on-month sales rate change (1.3%, which means literally NOTHING). The May results could be a sign of recovery in the UK, but it is worth remembering that the UK economy is still suffering from the uncertainty caused by the approaching Brexit and the re-alignments in international trade driven by the US.