Ambiguous Eurozone Statistics

Despite soaring unemployment and waning confidence in the Eurozone economy, retail sales in the region increased for the second consecutive month.

The Eurostat data showed that in June the indicator only advanced by 0.1%, while on a yearly basis it dropped by 1.2%. These slight changes were definitely better than forecasts.

The volume of retail sales is the most impressive in France: it is equal to 0.7%. On the other hand, in Europe�s largest economy, Germany, the indicator sank by 0.1%. The most modest figure came from Ireland, where retail sales contracted to -2.2. The year-on-year anti-rating is topped by Portugal with its -5.3% and Spain with -5.1%.

However, the negative statistics from Spain is no wonder any more.

The country has been afflicted by tough recession: unemployment in Spain is at the record levels, the banking sector is hit by crisis, and bond yield is markedly high.

In its latest report Market informed of further decline in the sector of services. The Services PMI rose from the previous reading by 0.3 point and reached the level of 43.7 points. Yet, it is still below the benchmark of 50 points, signaling downturn.

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