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Economy in Brief

German Retail Sales In Very Slow-Motion Recovery
by Robert Brusca February 2, 2010

German retail sales rose by 0.8% in both real and nominal terms (ex autos) in December. The rise still leaves the 3-month nominal growth rate for sales in a mild negative path while in real terms retail sales are flat over three months. In the quarter the annual rate pace for both real and nominal sales is just below 1%. Car sales that had boosted consumer activity due to government incentives to buy a new car and scrap an old one have now left sales week. Auto registration fell by 15.7% in December after falling by 9.8% in November. Auto registrations are now off by 4.7% Yr/Yr

The trend for the German consumer is still poor. There is a very gradual improvement as the negative growth rates are climbing slowly back toward zero. But at this pace the German consumer is not posed to take the German economy anywhere.

German Real and Nominal Retail Sales
German Real and Nominal Retail Sales QTR
Nominal Dec-09 Nov-09 Oct-09 3-MO 6-MO 12-MO YrAgo Saar
Retaill Ex auto 0.8% -1.9% 1.0% -0.4% -0.4% -1.8% 3.2% -0.8%
MV and Parts 0.8% -1.7% 0.9% 0.0% 0.4% -2.5% 3.4% -0.7%
Food Bev & Tobacco 1.0% -0.5% -0.9% -1.6% 0.4% -0.9% 4.1% -5.1%
Clothing footwear 3.4% -9.3% 8.8% 8.0% 2.1% 0.2% 1.9% 10.6%
car registrations (units) -15.7% -9.8% -0.1% -66.6% -60.2% -4.7% -6.7% 0.0%
Real
 Retail Ex auto 0.8% -1.7% 0.9% 0.0% 0.4% -2.5% 3.4% -0.7%
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