Euro-Zone Retail Sales on Monthly Basis Advance by 0.1%, Euro Slightly Stronger - 3.10.2012
The Retail Sales in August for the 17-nation area rose by 0.1 per cent in monthly terms compared with a revised 0.1 per cent increase in the previous month according to Eurostat. Additionally, economists were expecting a drop of 0.1 per cent in August however the release was stronger. From August 2011 to August 2012 Retail Sales declined by 1.3 per cent, which is better than 1.9 per cent decrease projected by economists and less than the revised 1.4 per cent annual decrease in July.
Furthermore, the Services Purchasing Manager Index (PMI) rose slightly to 46.1 in September from 46.0 in August, indicating that the Euro-zone services sector contracted for another month. The Euro against the greenback, jumped from 1.2914 to 1.2936 after the release of the better than expected Retail Sales data, it was lastly seen at 1.2926.