>German Retail Sales Wither

German Retail Sales Wither

August 1, 2008

By Robert Brusca

· Add German retail sales trends to the list of items turning out more negative prospects for the e-Zone. Retail sales ex-autos as well as real retail sales ex autos saw sales drop by 1.4% month-to-month in June of 2008. Over three-months and six-months and 12-months retail ex-auto retail sales are declining.

· In the current quarter real retail sales excluding autos are falling at a sharp 3.8% annual rate.

· All the major components of retail sales are showing declines in 2008-Q2 compared to Q1. The industrial data are slowing and now the consumer side data are slowing as well. There does not appear to be a part of the economy prepared to step up and make up for the weakness elsewhere. Europe is slipping. Germany is leading the way.

German Real and Nominal Retail Sales
Nominal	Jun-08	May-08	Apr-08	3-MO	6-MO	12-MO	YrAgo	Qtr Saar
Retaill Ex auto	-1.4%	0.9%	0.8%	0.8%	2.3%	1.0%	-2.8%	-1.6%
Food Bev & Tobacco	1.0%	-1.8%	-0.3%	-4.0%	6.9%	1.2%	-3.4%	-3.2%
Clothing footwear	-9.6%	14.3%	-0.3%	12.8%	0.2%	-1.4%	-0.5%	-0.2%
Real
Retail Ex auto	-1.4%	0.5%	0.7%	-0.8%	-0.8%	-1.8%	-3.1%	-3.8%

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