German retail sales show surprise fall
German retail sales fell unexpectedly in July on a monthly basis, dropping by 0.9 per cent in real terms, preliminary data showed on today, putting a dampener on hopes that private consumption will prop up German economic growth this year.
The notoriously volatile indicator was down 1.0 per cent on an annual basis. Economists polled by Reuters had forecast retail sales would rise by 0.2 per cent on the month and gain 0.4 per cent on the year.
June retail sales were revised upwards to a gain of 0.5 per cent on the month, from a previously reported drop of 0.1 per cent.
On an annual basis, June sales were revised up to a gain of 3.7 per cent from an increase of 2.9 per cent.