Highlights
- German retail sales fell by 0.8% in July, defying economists’ forecast of a 0.3% increase.
- The August German GfK Consumer Climate Survey revealed negative sentiments towards income, economy, and unemployment.
- A consecutive decline in retail sales leaves Eurozone inflation to force the ECB into a September rate hike.
German Retail Sales Stumble for a Second Consecutive Month
After stickier-than-expected German inflation numbers from Wednesday, retail sales were in focus this morning. A sharp pickup in retail sales would support a September ECB rate hike.
However, German retail sales tumbled by 0.8% in July, following a 0.8% slide in June. Economists forecast an increase of 0.3%. Retail sales were down 2.2% year-over-year versus -1.6% in June. Economists forecast retail sales…
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