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German retail sales fall unexpectedly in July,Reuters,on September 2, 2020 at 6:14 am
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German retail sales fall unexpectedly in July,Reuters,on September 2, 2020 at 6:14 am

BERLIN — German retail sales fell unexpectedly on the month in July, data showed on Wednesday, dashing hopes that household spending in Europe’s largest economy will be powerful enough to drive a strong recovery in the third quarter from the coronavirus shock.

Retail sales were down by 0.9% on the month in real terms after a revised drop of 1.9% in June, data from the Federal Statistics Office showed. A Reuters forecast had predicted a 0.5% increase.

On the year, retail sales rose by 4.2% in real terms after an upwardly revised increase of 6.7% the previous month, the data showed.

Retail sales are a volatile indicator often subject to revision. (Reporting by Michael Nienaber Editing by Paul Carrel)

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