Weak German retail sales dash hopes for strong recovery

BERLIN - German retail sales fell unexpectedly on the month in July, data showed on Wednesday, dashing hopes that household spending in Europe’s largest economy will be powerful enough to drive a strong recovery in the third quarter from the coronavirus shock.

This missed a Reuters forecast for a 0.5% increase, though retail sales are a volatile indicator often subject to revision.On the year, retail sales rose by 4.2% in real terms after an upwardly revised increase of 6.7% the previous month, the data showed. The data revealed huge gaps within the sector: sales in shops selling textiles, clothes, shoes and leather goods collapsed by more than a quarter in the January-July period whereas online retailers increased their sales by a fifth.

😂

thanks austerity

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

VAT cut pushes German inflation into negative territoryGerman annual consumer prices fell for the first time in more than four years in August due to a VAT cut as part of the government's stimulus push to help Europe's largest economy recover from the coronavirus shock, data showed on Monday. 'Desperate times ....'
Source: Reuters - 🏆 2. / 97 Read more »