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Eurozone Retail weaker than expected

EUROZONE DATA
MNI (London)

DEC RETAIL SALES -3.0% M/M, +2.0% Y/Y; NOV +8.2%r Y/Y

  • Retail sales across the Eurozone slumped in December, falling almost two points further than the forecast to -3.0% m/m.
  • The annual reading was also significantly weaker than consensus predicted, coming in at +2.0% y/y, three points lower than the forecast.
  • Non-food product sales counted for the bulk of the slump, decreasing by 5.2% on the month.
  • In November retail sales were strong for the region, implying that consumers pulled forward the Christmas shopping rush due to concerns over rising covid cases and supply chain disruptions impacting the festive season.
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