Germany May retail sales +13.9% vs +3.5% m/m expected
Latest data released by Destatis - 1 July 2020
- Prior -5.3%; revised to -6.5%
- Retail sales +3.8% vs -3.2% y/y expected
- Prior -6.5%; revised to -6.4%
Slight delay in the release by the source. That is quite the rebound in retail sales just weeks after lockdown restrictions were lifted in the country. The headline is encouraging but again it may be muddied by pent-up demand since March.
A more accurate reflection of how robust consumption and spending activity in the "new normal" will arguably be more reflected in the July to August readings I reckon.