U.K. consumers cut back on spending for a third month in July, putting them in their worst slump in more than four years and dealing another blow to the economy at the start of the the quarter.
The 0.8 percent year-on-year drop in spending was broad-ranging, with clothing, household goods, food and transport among the worst hit, IHS Markit and Visa said in a report published on Monday.
The decline is being driven by a squeeze on pockets as inflation outpaces wage growth, as well as concerns among shoppers about the broader outlook after the economy slowed dramatically in the first half of the year.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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