German Retail Sales drop 2.6% YoY in July vs. -6.5% expected

• German Retail Sales arrived at -2.6% YoY in July vs. -6.5% expected.
• Retail Sales in Germany stood at 1.9% MoM in July vs. 0% expected.

Germany's Retail Sales jumped by 1.9% MoM in July versus 0% expected and -1.6% previous, the official figures released by Destatis showed on Thursday.

On an annualized basis, the bloc’s Retail Sales came in at -2.6% in July versus -6.5% expected and an 8.8% slump recorded in June.

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About German Retail Sales

The Retail Sales released by the Statistisches Bundesamt Deutschland is a measure of changes in sales of the German retail sector. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales. The changes are widely followed as an indicator of consumer spending. Positive economic growth is usually anticipated as "bullish" for the EUR, while a low reading is seen as negative, or bearish, for the EUR.