European Economy: Healthy Swiss Retail Sales
Swiss June retail sales rose just 0.7% y/y in real terms, versus 7.4% in May, far below the Reuters median estimate of 3.2%. However, Swiss retail sales are notoriously volatile and the 3m y/y trend rate actually rose to 3.5% from 2.4% in May, helped by strong May figures. Meanwhile, when adjusted for the number of shopping days, sales were up 4.7% y/y, after a 7.4% in May. Overall, still relatively healthy figures, although we are likely to see weaker retail sales figures ahead as consumer demand falters on the back of the credit crunch and weaker confidence.