UK data - BRC sales like-for-like -1.6% y/y (vs. expected -1.1%)

British Retail Consortium data for June, down 1.6% y/y for sales like-for-like

• expected -1.1% y/y, prior -3.0%

Total sales -1.3% yy

• vs May -2.7%
• biggest fall for June on record

12-month average total sales +0.6% y/y

• lowest since records began in Dec. 1995

via Reuters:

"Overall, the picture is bleak: rising real wages have failed to translate into higher spending as ongoing Brexit uncertainty led consumers to put off non-essential purchases," BRC Chief Executive Helen Dickinson said. "The continued risk of a no-deal Brexit is harming consumer confidence and forcing retailers to spend hundreds of millions of pounds putting in place mitigations," she added.