Eurozone retail sales rise more than expected in October
Retail sales were up 1.1% from September, beating expectations of a 0.9% increase. On the year, sales were up 2.4%, compared to a 1% jump in September.
Sales of non-food products rose 2.3%, while sales of food, drinks and tobacco were 0.2% higher. Sales of automotive fuel fell 1%.
In the EU-28 group of nations, retail sales were up 1.2% on the month and 3.5% on the year.
Pantheon Macroeconomics said this was a solid headline, boosted by strong data in Germany.
"We think the German data will be revised lower, but it won't change the story of a strong start to Q4 for the EZ consumer. Elsewhere, retail sales in Spain and France also lifted the euro area headline. Across sectors, a 2.3% month-to-month jump in non-food sales was the main driver of the October rise, offsetting a decline in spending on petrol. Food sales also rose modestly." ■