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Retail Contracts in Weak Q4 Start

EUROZONE DATA
MNI (London)

EUROZONE OCT RETAIL TRADE -1.8% M/M (FCST -1.7%); SEP +0.8%r M/M

EUROZONE OCT RETAIL TRADE -2.7% Y/Y (FCST -2.6%); SEP 0.0%r Y/Y

  • Eurozone retail trade contracted in October, falling marginally more than expected at -1.8% m/m and -2.7% y/y.
  • This follows an upwardly revised +0.8% m/m growth in September.
  • At -2.1% m/m, the fall in non-food spending was more pronounced; a signal of further weakening demand. Yet auto fuel sales ticked up by +0.3% m/m as fuel prices remained tempered.
  • Consumer Spending on both goods and services provided a vital boost to Q3 GDP, elevating growth to remain modestly expansive at +0.2% q/q.
  • As inflation begins to cool across the block, consumer sentiment is edging up again. Nevertheless, this weaker October retail print could be the kick-off of muted holiday-season spending, which would signal a drag on growth into year-end.

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