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Economy in Brief

EMU Retail Sales Go Flat As Momentum Worsens
by Robert Brusca August 04, 2010

Retail sales are still digging their way of their recession hole but with volume flat in June progress ahs come to a halt. Momentum also has begun to slip as three-month growth in the sales volume index is now negative. Motor vehicle sales rose in June but fell sharply over 3-months accelerating a pattern of weakness.

While the PMI indices tell a story of continuing expansion in separate releases today, the Euro-consumer continues to be the missing link to sustainable expansion. Germany, the leading EMU economy and largest EMU economy posted a sharp 0.9% drop in nominal retail sales in June. Germany continues to lead Europe’s recovery with export-led growth and the consumer is still not even following.

Euro-Area Retail Sales
  M/M Saar
  Jun-10 May-10 Apr-10 3-Mo 6-MO 12-Mo
Zone Total Volume 0.0% 0.4% -1.0% -2.2% 1.5% 0.5%
Motor Vehicle Reg 2.2% -3.5% -11.4% -41.9% -15.5% -8.5%
NonFood Country detail: Volume
Germany Value -0.9% 3.0% -1.8% 1.2% -0.2% 1.1%
UK(EU) Volume 0.7% 0.8% -0.2% 5.5% 0.4% 1.3%
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