Highlights of the June 2015 Eurozone retail sales data report 5 August 2015
- Prior +0.2%. Prior revised to 0.1%
- 1.2% vs 2.0% exp y/y. Prior 2.4%. Revised to 2.6%
- EU 28 states -0.5% vs +0.2% prior m/m
- 2.0% v s3.2% prior y/y
Plenty of wallets remain in the pockets of Eurozone consumers. Retails can be volatile at the best of times, and half the data hasn't been calculated anyway, but the y/y trend is fairly clear
Most of the analysis hitting the wires is blaming Greece and saying that consumers were obviously put off by the last negotiations. I call that complete rubbish. If you need new carpets, shoes, or fancy buying a book or some new socks, you wouldn't let Greek news put you off going to the shops (unless you live in Greece and then you haven't got the cash anyway ;-) )
I'm sure some of these analysts think that people in Portugal hid under the stairs because Varoufakis was having another row with Schaeuble.
It doesn't take an economics degree to work out that retail sales were crap because European growth is rubbish, there's high unemployment, and most people are skint
Eurozone retails sales y/y
