EZ October retail sales fall 1.8% month-on-month
Eurozone October retail sales fell 1.8% compared with September, according to data released by the EU on Monday.
Non-food products fell by 2.1% month on month and by 1.5% for food, drinks and tobacco, while it grew by 0.3% for automotive fuels.
On a yearly basis, retail trade decreased by 3.9% for food, drinks and tobacco and by 2.6% for non-food products, while it grew by 2.5% for automotive fuels.
Year on year the adjusted retail sales index decreased by 2.7% in the euro area and by 2.4% across the 27-member bloc.
"If EZ retail sales hold steady at October’s level in November and December, they will have fallen by 1.3% over Q4 as a whole. We look for a slightly smaller 1.0% decline, assuming a rise in sales in November, as mail orders will have been boosted by the spread of Black Friday discounts to Europe," said analysts at Pantheon Macroeconomics.
"This would still mark a bigger decline than in Q3, when sales fell by 0.6%, and would mean that retail sales have now fallen in four straight quarters. With services spending, such as on restaurants, also likely easing—as consumers forgo outings to ensure enough funds for energy bills—and consumer confidence still depressed, we think overall household spending will fall in Q4 too."