Latest data released by Eurostat - 4 September 2019

  • Prior +1.1%; revised to +1.2%
  • Retail sales +2.2% vs +2.0% y/y expected
  • Prior +2.6%; revised to +2.8%

The monthly drop here is largely affected by the steep decline in German consumption activity, which owed to a notable drop in clothing sales. If anything else, it still suggests that domestic demand in the euro area isn't exactly as robust as one would think.

That should help to put a lid on any major optimism surrounding a turnaround in growth estimates for Q3 in the region.