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Economy in Brief

German Retail Sales Sink For Second Month In A Row
by Robert Brusca October 30, 2009

German retail sales fell for the second month in a row. For Q3 sales are now falling at a 4.3% annual rate. Real ex auto sales are dropping in the quarter at a pace of -3.2%. All three month growth rates for key retail categories are declining as are six month growth rates. For most categories the decline in sales is at a steeper annual rate over three months than for six months. With euro Area unemployment at a 10 year high and German firms cutting back on working hours, consumption in Germany has pulled back. This an important issue since the consumer confidence index has been one of the strongest sector indices in the EMU. There is no telling how much the Europe recovery could be set back by a pessimistic consumer.

German Real and Nominal Retail Sales QTR
Nominal Sep-09 Aug-09 Jul-09 3-MO 6-MO 12-MO YrAgo Saar
  Retail Ex auto -0.5% -1.2% 0.7% -4.0% -3.2% -4.8% 3.1% -4.3%
  MV and Parts -0.5% -1.8% 1.5% -3.4% -3.9% -4.0% -0.2% -3.2%
  Food Bev & Tobacco -3.0% 3.1% -0.7% -2.8% -1.6% -3.8% 2.4% -3.7%
  Clothing footwear 2.4% -7.0% 3.6% -5.3% -3.1% -5.1% 1.4% -5.2%
  Car registrations (units) -2.7% -9.5% -5.8% -52.7% -7.9% 20.9% -1.7% 0.0%
  Retail Ex auto -0.5% -1.8% 1.5% -3.4% -3.9% -4.0% -0.2% -3.2%
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