Eurozone June retail sales -1.2% vs 0.0% m/m expected

  • Prior +0.2%; revised to +0.4%
  • Retail sales -3.7% vs -1.7% y/y expected
  • Prior +0.2%; revised to +0.4%

Euro area retail sales slumped by more than expected in June with the details showing that the volume of retail trade decreased by 2.6% for non-food products, by 1.1% for automotive fuels and by 0.4% for food, drinks and tobacco. The only bright spot is that the numbers here are likely captured by the Q2 GDP report last week here, which surprised on the higher side overall. But this continues to underscore weakening consumer demand conditions, as is the case from leading indicators in July.

James Rogers

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