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Retail Trade Broadly In-Line With Consensus

EUROZONE DATA
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Eurozone volume of retail trade growth came in slightly below consensus at 0.1% M/M in May (vs 0.2% consensus, -0.2% prior revised from -0.5%). On an annual basis, volume of retail trade came in slightly above consensus at 0.3% Y/Y (vs 0.2% consensus, 0.6% prior revised from 0%) - the third successive month of a positive reading on an annual basis.

  • The M/M improvement was driven by increases in both 'Food, drinks, tobacco' trade where volumes rose 0.7% M/M (vs a fall of 0.9% in April) and Automotive fuel, which rose 0.4% M/M (vs -0.7% in the prior month). Meanwhile, Non-food product ex fuel fell 0.2% M/M - the first fall since December 2023.
  • Of the major eurozone members, Italy volume of trade rose 0.1%M/M (vs -0.2% prior), whilst Spain saw a fall in volume of 0.6% (vs a rise of 0.8% in April) - the biggest fall since December 2023, and France saw a fall of 0.2% again for the third consecutive month.

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Eurozone volume of retail trade growth came in slightly below consensus at 0.1% M/M in May (vs 0.2% consensus, -0.2% prior revised from -0.5%). On an annual basis, volume of retail trade came in slightly above consensus at 0.3% Y/Y (vs 0.2% consensus, 0.6% prior revised from 0%) - the third successive month of a positive reading on an annual basis.

  • The M/M improvement was driven by increases in both 'Food, drinks, tobacco' trade where volumes rose 0.7% M/M (vs a fall of 0.9% in April) and Automotive fuel, which rose 0.4% M/M (vs -0.7% in the prior month). Meanwhile, Non-food product ex fuel fell 0.2% M/M - the first fall since December 2023.
  • Of the major eurozone members, Italy volume of trade rose 0.1%M/M (vs -0.2% prior), whilst Spain saw a fall in volume of 0.6% (vs a rise of 0.8% in April) - the biggest fall since December 2023, and France saw a fall of 0.2% again for the third consecutive month.