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UK retailers reported average sales for the time of year in May but expect sales to fall below seasonal norms again in June. It should be noted that the survey revealed that sentiment in the retail sector has deteriorated at its fastest rate since November 2020. Meanwhile, investment intentions for the year ahead are are at their lowest level since the early stages of the pandemic in May 2020.

That certainly doesn’t fuel much confidence when paired with the weak PMI readings earlier here.

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