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German retail sales soar in August,,on September 30, 2020 at 6:09 am
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German retail sales soar in August,,on September 30, 2020 at 6:09 am

BERLIN — German retail sales rose much more than expected in August, data showed on Wednesday, invigorating hopes that household spending in Europe’s largest economy will power a strong recovery in the third quarter from the coronavirus shock.

Retail sales jumped by 3.1% on the month in real terms after an upwardly revised drop of 0.2% in July, data from the Federal Statistics Office showed. A Reuters forecast had predicted a 0.5% increase.

On the year, retail sales rose by 3.7% in real terms after an upwardly revised increase of 5.0% the previous month, the data showed.

Retail sales are a volatile indicator often subject to revision. (Reporting by Michael Nienaber; editing by Thomas Seythal)

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