Recent Updates
- US: Monthly Treasury Statement, Wholesale Trade (Jun), Consumer Prices (Jul)
- Brazil: Retail Trade (Jul)
- North Macedonia: Central Bank Bills (Jul)
- Albania: Banking system liabilities (Q2)
- more updates...
Economy in Brief
U.S. Federal Government Budget Deficit Shrinks in July
The U.S. Treasury Department reported a federal budget deficit of $211.1 billion in July...
U.S. Mortgage Applications Rose Slightly in the Latest Week
Mortgage applications increased 0.2% (-62.9% y/y) from one week earlier...
U.S. Productivity Declines in Q2, Pushing Unit Labor Costs Higher
Nonfarm business sector productivity fell 4.6% (AR) during Q2'22...
U.S. Small Business Optimism Edged Up in July
The NFIB Small Business Optimism Index edged up to 89.9 in July...
U.S. Gasoline & Crude Oil Prices Continue Weakening
Retail gasoline prices declined to $4.04 per gallon (+27.3% y/y) last week...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Robert Brusca October 23, 2007
Italys retail sales stay on a low-growth path.
Italys retail sales have slowed and are staying at that slower pace. Over the past year, at 0.6%, retail sales have slowed from their previous years pace of 1.1%. On sequential growth rates there is a very modest up tick in growth to 1.1% over three months. Both food and clothing sales have picked up slightly on that horizon, yet both remain lower yr/yr compared to the previous year. For the new quarter, sales continue their lethargy. Nominal sales are up by almost 1% at an annual rate in the quarter with clothing lagging at a 0.6% pace and food stronger at 1.6%.
Italys figures are in sharp contrast with France where spending on MFG goods is up strongly by 5.8% in September from 2.9% (both y/y) in August. Frances figures for September are surprising. Italys results are more the sort of thing we have been seeing for some time. On balance France is the unusual signal for the whole of the Euro area since nowhere else do consumers seem to be gaining momentum. Even in France the result is in contrast to the recent industrial indicators we have seen and to the recent strike to protest a reduction in pension benefits for transport sector workers.
Nominal | Aug-07 | Jul-07 | Jun-07 | 3-MO | 6-MO | 12-MO | Yr Ago | Q-2-Date |
Retail Trade | 0.2% | 0.0% | 0.1% | 1.1% | 0.7% | 0.6% | 1.1% | 0.9% |
Food Beverages & Tobacco | 0.6% | -0.1% | 0.0% | 2.1% | 1.9% | 1.3% | 1.3% | 1.6% |
Clothing & Fur | 0.1% | -0.6% | 1.1% | 2.4% | -1.0% | -0.3% | 2.0% | 0.5% |