Forex - Brazil: May Retail Sales at -0.6% m/m, 2.7% y/y. Broad Measure at -4.9% m/m, 2.2% y/y. Broad measure weaker than expected


 12:25 (GMT) 12 Jul

  [Economic Data]

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Brazil: May Retail Sales at -0.6% m/m, 2.7% y/y. Broad Measure at -4.9% m/m, 2.2% y/y. Broad measure weaker than expected (0101-CBCC-C01)

May retail sales was mixed in the sense that the narrow measure was mostly on expectations while the broad measure was much weaker than forecast. While the trend has been for a soft demand, the results for May should be taken with a grain of salt, because of the impact of the truckers strike on the overall economic activity. The narrow measure was at -0.6%m/m, 2.7%y/y. Broad measure came at -4.9%m/m, +2.2%y/y, hindered by the fall in appliances and vehicles, although there was a positive performance from the supermarkets sector. If services comes as we expect (-4.0%y/y), we expect a -3.9%m/m, -3.2%y/y read for May Proxy GDP.

Brazil: May Retail Sales at -0.6% m/m, 2.7% y/y. Broad Measure at -4.9% m/m, 2.2% y/y. Broad measure weaker than expected (0101-CBCC-C02)

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