German Retail Sales Falls, Heightening Growth Concerns for the ECB
German retail sales fell for the second consecutive month as oil prices peaked to a record high of $147.27 in July. The monthly reading slipped to -1.5% from -1.4% in June, while the yearly figures were unchanged from the previous year. Consumer confidence slipped to a 5 year low in September, and may continue to face downside pressures as consumers deal with high living costs amid cooling employment. As growth prospects turn dim for Europe’s largest economy, the ECB may have no choice but to sit on the side lines for the rest of the year.
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