Eurozone retail sales 0.1% down, less than expected

Retail sales in the Eurozone fell less than expected in August, according to the latest figures from Eurostat.
EU's statistics agency said retail sales dipped 0.1% from July, beating expectations of a 0.3% decline.  However, they rose 0.6% y/y, forecasts were of a 1.5% increase. 

Sales of automotive fuel were up 0.2% in the eurozone, while sales of food, drinks and tobacco fell 0.4% and non-food products were down 0.1%.
In the EU-28 group of nations, sales were 0.1% weaker on the month and 2.1% higher on the year. The August monthly fall sales is compounded by a large revision of July data. 

Eurostat said on Wednesday that eurozone retail sales in July rose 0.3%, which was down from an initial estimate of a 1.1% increase. The figure for the year was also revised down, to a 1.8% gain from 2.9%.

“The slowing rate of growth across the region in part reflects growing caution among businesses in terms of their spending due to worries about the economic outlook, linked in many cases to political uncertainty,” said Chris Williamson, IHS Markit’s chief economist.