UK June Retail Sales Get a Boost From Food Spending

The video discusses the current state of the UK economy, highlighting a 48-year low in consumer confidence as reported by GfK. UK retail sales showed a slight decline in June, attributed to increased food spending during the Queen's Jubilee, but were offset by inflation concerns. Bloomberg's Breakfast Index indicates a rise in prices of essential breakfast items. The Bank of England's response to inflation, which has reached a 40-year high, is also examined, with expectations of a 50 basis point interest rate hike in August.

What is the current state of UK consumer confidence according to GfK's research?

• Stable with no change

• Slightly improved

• At a 48-year low

• At a 10-year high

What was the change in UK retail sales in June?

• Increased by 1%

• Increased by 0.5%

• Decreased by 0.1%

• No change

What factor contributed to increased spending on food in June?

• A new supermarket opening

• A bank holiday weekend

• A decrease in food prices

• A government subsidy

What is the expected action by the Bank of England in August?

• A 75 basis point increase

• A 50 basis point increase

• No change in rates

• A 25 basis point decrease

What recent economic data suggests the labor market might have reached peak tightness?

• An increase in job vacancies

• A new 40-year high in inflation

• A decrease in unemployment

• Stable employment rates