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EMU: Retail sales continue to disappoint
Thu, May 8 2008, 07:41 GMT
by KBC Market Research Desk
next report will be published on tuesday may 13, 2008
In March, retail sales in the euro zone fell 0.4% M/M following a slightly upwardly revised decline of 0.2% M/M in February. On an annual basis, sales even fell 1.6% Y/Y, the biggest drop since the data series began in 1995. The outcome was once again weaker than expected and indicates that current high inflation rates among other factors are having a negative impact consumer spending.
In Germany, factory orders fell 0.6% M/M in March, the fourth consecutive monthly decline. Compared to a year ago, orders even dropped 5% Y/Y, the largest drop since August 2003. The data question the resilience of the German economy in the face the global headwinds.
Other: Slowdown broadens in the UK
In the UK, manufacturing production fell by 0.5% M/M in March instead of an expected flat reading. The weaker outcome suggests that the weakness in the services and housing sector is spreading towards the industrial sector. Hence, the fall in the sterling, which should boost external demand wasn’t sufficient to offset weakening domestic demand. On a quarterly basis, manufacturing output still rose 0.3% in the first quarter, but this is also slightly less than expected at the time of the release of the preliminary GDP data. Overall production even decreased by 0.2%% in the first quarter, due to falls in the mining and quarrying sector and the energy supply sector.
Published on Fri, May 9 2008, 10:45 GMT
Archive
- US: Eco data give no signs of clear improvement yet
Published On Fri, May 16 2008, 09:52 GMT - US: Inflation slows in April
Published On Thu, May 15 2008, 08:02 GMT - US: Import prices and retail sales higher than expected
Published On Wed, May 14 2008, 08:15 GMT - EMU: Retail sales continue to disappoint
Published On Thu, May 8 2008, 07:41 GMT - EMU: PMI results confirmed
Published On Wed, May 7 2008, 07:33 GMT
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