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Economy in Brief

EMU Retail Sales Remain Sluggish
by Robert Brusca November 6, 2007

EMU-13 retail sales are up by a smaller than expected 0.3% in September. The previous month was revised higher by 0.7% but we still find EMU retail sales on a weak trend, with a hint of pick-up. French sales have been weakening while in Germany sales have jumped into positive territory after contracting in the earlier months. The UK, an EU nation, shows the strongest sales and there sales are still accelerating. We do not yet have detail for the current month but trend calculations by item are in the shaded portion of the table using data that lag by one month. They show some degree of pick up through August.

Euro area 13 Retail Sales Volume
  Sep-07 Aug-07 Jul-07 3-Mo 6-MO 12-Mo
EA-13 Total 0.3% 0.0% 0.4% 3.0% 1.2% 1.9%
Food #N/A 0.2% 0.2% #N/A #N/A #N/A
Nonfood #N/A -0.1% 0.5% #N/A #N/A #N/A
Textiles #N/A -0.4% 0.9% 14.2% 2.6% 0.5%
HH Goods #N/A 0.5% 0.5% 10.1% 4.2% 1.7%
Books news, etc #N/A -0.2% 0.5% 8.1% 3.4% 2.1%
Pharmaceutical #N/A 0.1% 0.3% 2.4% 3.1% 2.6%
Other Nonspecified #N/A -0.6% -0.1% 2.5% -0.5% -1.1%
Mail Order #N/A 0.2% -0.6% 0.8% 0.4% -2.5%
Nonfood Country Detail: Volume
Germany 1.3% 0.4% -0.3% 5.8% 5.0% 2.5%
France 0.6% -0.4% 0.5% 5.7% 5.0% 4.2%
Italy (Total; Value) #N/A -0.1% -0.1% -1.0% -1.8% -1.8%
UK (EU) 0.6% 0.7% 0.8% 8.4% 6.8% 8.8%
Shaded areas calculated on a one-month lag due to lagging data
The EA 13 countries are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia and Spain.
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