Germany June retail sales -1.6% vs -3.0% m/m expected
Latest data released by Destatis - 31 July 2020
- Prior +13.9%; revised to +12.7%
- Retail sales +5.9% vs +3.0% y/y expected
- Prior +3.8%; revised to +3.2%
Slight delay in the release by the source. Retail sales activity eased slightly in June but not as much as anticipated and that is somewhat of a positive takeaway.
The non-seasonally adjusted year-on-year figure also shows that consumption is holding up after the sharp decline in April and that remains a positive development for now. That said, the more accurate reflection of the recovery can only be gauged in Q3 and Q4.
But for now, things aren't as dire as they would have seemed to be a few months ago.