finance

German retail sales jump for second month in a row



© Reuters. FILE PHOTO: An elderly woman wearing a face mask shops in a supermarket, after the federal state of North Rhine-Westphalia decided to make wearing protective masks obligatory in shops and public transportation to fight the spread of the coronavirus diseas

BERLIN (Reuters) – German retail sales increased much more than expected in June following an easing of COVID-19 restrictions, supporting a consumer-driven recovery in Europe’s largest economy.

The Federal Statistics Office said retail sales rose 4.2% on the month in real terms after an upwardly revised increase of 4.6% in May. The June reading was more than double a Reuters forecast for a rise of 2.0%.

On the year, retail sales – a notoriously volatile indicator often subject to revisions – jumped 6.2% in real terms following an upwardly revised drop of 1.8% in the previous month.

The German economy returned to growth in the second quarter but bounced back less strongly than expected amid supply chain bottlenecks that are hitting industry, data showed on Friday.

The supply chain worries and rising coronavirus infections due to the more contagious Delta variant have dampened the outlook for the economy. Nonetheless, the central bank expects growth of 3.7% for this year and 5.2% next year.

A survey showed last week that consumer sentiment held steady heading into August as shoppers grew more ready to spend, but took a less upbeat view on the economic outlook on worries about the rising numbers coronavirus cases.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

See also  Oil dips as markets await Iran response to U.S. killing of military commander

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more