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Retail Sales Bounce In April, But Trend Remains Subdued

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Spanish real retail sales rose 0.8% M/M (vs -0.4% prior) and 0.3% Y/Y (vs an upwardly revised 0.9% prior). There was no consensus for the print, and both metrics are in SWDA terms.

  • While retail sales have begun the quarter on a strong note, the recent trend remains subdued, with sales falling 0.1% on a 3m/3m basis in April (vs -0.4% prior).
  • The EC’s retail sentiment index has similarly hovered just above neutral levels, suggesting a strong recovery is unlikely in the next few months. The May EC survey data is released tomorrow.
  • All major sub-components saw rising sales on a monthly basis, with food products seeing the largest increase of 1.2%.

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Spanish real retail sales rose 0.8% M/M (vs -0.4% prior) and 0.3% Y/Y (vs an upwardly revised 0.9% prior). There was no consensus for the print, and both metrics are in SWDA terms.

  • While retail sales have begun the quarter on a strong note, the recent trend remains subdued, with sales falling 0.1% on a 3m/3m basis in April (vs -0.4% prior).
  • The EC’s retail sentiment index has similarly hovered just above neutral levels, suggesting a strong recovery is unlikely in the next few months. The May EC survey data is released tomorrow.
  • All major sub-components saw rising sales on a monthly basis, with food products seeing the largest increase of 1.2%.