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Economy in Brief

Still No Life in German Retail Sales
by Robert Brusca October 11, 2007

While auto sales have revived in August, the rest of retail sales remain lethargic.In real terms retail sales excluding auto sales fell by 1.6% in August. For the third quarter, sales are off to a weak start as nominal retail sales excluding autos are off at a 0.9% rate; real retail sales excluding autos are off at a 1% annual rate. Food and tobacco plus clothing and footwear categories are off sharply in the new quarter as well. But auto and parts sales are up at a strong 25% annual rate. Since The German VAT was hiked in January retail sales are still hampered.

German Real and Nominal Retail Sales New QTR
Nominal Aug-07 Jul-07 Jun-07 3-MO 6-MO 12-MO YrAgo SAAR
Retail Ex auto -1.4% 0.7% 1.4% 3.0% -0.9% -2.1% 7.0% -0.9%
MV and Parts 3.6% 0.9% 0.0% 19.1% 26.3% -0.4% 17.5% 25.6%
Food Bev & Tobacco -1.2% -0.1% 0.8% -1.8% -1.8% -1.3% 5.1% -5.4%
Clothing footwear -0.2% 0.2% 5.5% 23.8% -1.9% -3.4% 11.8% -3.8%
Real
Retail Ex auto -1.6% 0.7% 1.4% 2.3% -1.3% -3.0% 6.5% -1.0%
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