Eurozone retail sales volume fell 0.7% month on month in September, a bigger drop than the 0.1% decline markets expected. Non-food products and Germany showed the weakest results, while automotive fuel sales rose.
Eurozone retail sales volume fell 0.7% month on month in September, according to Eurostat. The result reversed August's upwardly revised 0.4% increase and missed expectations of a 0.1% decline.
On an annual basis, retail sales growth slowed from an upwardly revised 1.3% to 0.4%. Across the broader EU, sales reversed from 0.4% growth to a 0.6% contraction, while annual growth eased from 1.7% to 0.9%.
Non-food sales show the weakest result
Non-food products excluding automotive fuel swung from 0.6% growth to a 1.2% contraction in September. Food, drinks and tobacco sales also fell, moving from a 0.4% increase to a 0.3% decline.
Automotive fuel went the other way. Its sales recovered from a 0.8% contraction to a 1.0% increase, partially offsetting the weakness elsewhere.
Germany records the sharpest monthly decline
Germany posted the sharpest monthly decline among reporting EU member states, with retail sales plunging 2.0% after a revised 1.2% increase in August. German sales were also 2.4% lower than a year earlier.
Among other major eurozone economies, France declined 0.6% and Spain fell 0.4%, while Italy edged up 0.1%. However, retail sales have fluctuated considerably in recent months, and the latest decline alone does not establish a sustained downturn in household spending.
Source: ActionForex
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