The unexpected decline in June's retail sales was a disappointment and, more generally, the rebound in underlying sales in the second quarter has been weaker than the turnaround last year, when unseasonably severe winter weather also dampened first-quarter spending. But sales account for less than half of overall consumption, which is on course for a 2.7% annualised gain in the second quarter, following a 2.1% increase in the first.
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