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Strong Rise In July Retail Sales

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UK retail sales rose 0.4% in July from June, taking the annual gain to 3.3%, according to figures from the Office for National Statistics (ONS).

The monthly gain had been expected to be smaller, following the exceptionally strong increase in June.

The strong 1.2% monthly rise for June was revised upwards to 1.3%.

Among the sectors doing well in July, clothing and footwear sales were up 10.3% from July 2008, while furniture and electrical goods also sold well.

The annual figure from July was the highest since May 2008.

Sales from household goods stores were up 4.5% on the month, which was the highest since August 2006.

"The retail sector clearly has built up a decent amount of positive momentum, which could well last a few months more," said Vicky Redwood at Capital Economics.

"But we remain pretty gloomy about the outlook for sales further ahead - not least because of the looming tax rises on the horizon."

QE doing it's job then, the recovery is coming.

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