Further fall in Euro zone sales
The latest Bloomberg Euro Zone Retail Purchasing Managers' Index (PMI) shows that euro zone retail sales have fallen for the third consecutive month in August. While the PMI rose to a three-month high in August at 47.7, it remains below the crucial 50.0 no-change mark.
Italian sales continued to fall, extending the current period of decline to18 months. However, a rise to a nine-month high of 44.8 from 38.2 showed a considerable easing in the rate of contraction.
The fall in Italian retail sales was not as strong as in Germany, where the rate of decline accelerated to its strongest of the year so far. At 44.1, the monthly sales index was well below trend.
France continued to register growth. The rate of expansion improved to a three-month high rising to 53.7 from 51.3.
Sales targets were missed again, particularly within the footwear and clothing, and the autos and fuel sectors.
