
EMU Retail Sales Go Flat As Momentum Worsens
Summary
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 [...]
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% |
Registrations: | ||||||
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% |
Robert Brusca
AuthorMore in Author Profile »Robert A. Brusca is Chief Economist of Fact and Opinion Economics, a consulting firm he founded in Manhattan. He has been an economist on Wall Street for over 25 years. He has visited central banking and large institutional clients in over 30 countries in his career as an economist. Mr. Brusca was a Divisional Research Chief at the Federal Reserve Bank of NY (Chief of the International Financial markets Division), a Fed Watcher at Irving Trust and Chief Economist at Nikko Securities International. He is widely quoted and appears in various media. Mr. Brusca holds an MA and Ph.D. in economics from Michigan State University and a BA in Economics from the University of Michigan. His research pursues his strong interests in non aligned policy economics as well as international economics. FAO Economics’ research targets investors to assist them in making better investment decisions in stocks, bonds and in a variety of international assets. The company does not manage money and has no conflicts in giving economic advice.