Germany Retail Sales Unexpectedly Decline 4th Month, 7th Time in 9 Months
Mike Mish Shedlock
In the Eurozone, economists were way off the mark as German Monthly Retail Sales Unexpectedly Dropped.
German monthly retail sales unexpectedly fell in March, data showed today, marking a fourth consecutive drop and dampening cheer around a consumer-led upswing in Europe's biggest economy.
The volatile indicator, which is often subject to revision, showed retail sales decreased by 0.6% on the month in real terms, the Federal Statistics Office said.
That confounded the Reuters consensus forecast for a 0.8% rise and followed an upwardly revised drop of 0.2% in February.
Slowing Global Growth
Data from Europe puts a nice spotlight on slowing global GDP.
Don't expect the ECB to be hiking or even tapering its balance sheet anytime soon. This is US dollar supportive.
- Here We Go Again: GDPNow Projects 4.1% GDP
- Consumer Spending Rebounds in March: I Propose it's Net Negative for 2nd Q GDP
Mike "Mish" Shedlock