New CSO figures a relief for retail sector

TRADERS worried about a slowdown in consumer spending received fresh reassurance yesterday when new figures from the Central Statistics Office (CSO) showed retail sales continued to show positive signs in May.

Sales values were 6.6% ahead of May 2003, while volumes were up 5.4% year-on-year. The increase in volumes was the strongest in over two years.

But the month-on-month comparison looked less rosy as sales levels were lower than in the previous month. Volumes fell 2.3% from April, while values were down 1.9%. Bank of Ireland economist Dan McLaughlin said May tended to be a weak month for sales and that overall trends were positive.