Latest data released by Destatis - 29 June 2018
- Prior +2.3%; revised to +1.6%
- Retail sales -1.6% vs +1.9% y/y expected
- Prior +1.2%; revised to +1.0%
- Import price index +1.6% vs +0.9% m/m expected
- Prior +0.6%
- Import price index +3.2% vs +2.4% y/y expected
- Prior +0.6%
Slight delay in the release by the source. Those are some soggy numbers for retail sales though. Not the kind of thing that provides further encouragement that the German economy is heading in the right direction.
With worries already on trade, domestic consumption is expected to back the economy up but this isn't a good sign at all. Albeit a proxy/rough indicator of consumption pattern, it does highlight that something isn't going right.
The data here may not deter the euro from posting gains today as the migration policy deal appears to be taking much of the limelight, but this is something to add to the rhetoric on the softness in the German economy for Q2.
