German Retail Sales slump 8.8% YoY in June vs. -8.0% expected

• German Retail Sales arrived at -8.8% YoY in June vs. -8.0% expected.
• Retail Sales in Germany stood at -1.6% MoM in June vs. 0.2% expected.

Germany's Retail Sales dropped by -1.6% MoM in June versus 0.2% expected and 0.6% last, the official figures released by Destatis showed on Monday.

On an annualized basis, the bloc’s Retail Sales came in at -8.8% in June versus -8.0% expected and -3.6% booked in May.

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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.