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Surprise fall in German retail sales

Friday, August 31 07:25:45

German retail sales fell unexpectedly in July on a monthly basis, dropping by 0.9 percent in real terms, preliminary data showed 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 percent on an annual basis. Economists polled by Reuters had forecast retail sales would rise by 0.2 percent on the month and gain 0.4 percent on the year.

June retail sales were revised upwards to a gain of 0.5 percent on the month, from a previously reported drop of 0.1 percent. On an annual basis June sales were revised up to a gain of 3.7 percent from an increase of 2.9 percent. ( C) Reuters preliminary data showed 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 percent on an annual basis. Economists polled by Reuters had forecast retail sales would rise by 0.2 percent on the month and gain 0.4 percent on the year.

June retail sales were revised upwards to a gain of 0.5 percent on the month, from a previously reported drop of 0.1 percent. On an annual basis June sales were revised up to a gain of 3.7 percent from an increase of 2.9 percent. ( C) Reuters