German Retail Sales Rise Slightly In August
German retail sales rose slightly in August, data showed on Monday, helping to allay concerns that a recession in the manufacturing sector is starting to take its toll on a consumption-driven growth cycle in Europe's largest economy.
Retail sales were up by 0.5% on the month in real terms after an upwardly revised drop of 0.8% the previous month, data from the Federal Statistics Office showed. The reading matched a Reuters forecast.
On the year, retail sales rose 3.2% after an upwardly revised increase of 5.2% the previous month, the data showed. Retail sales are a volatile indicator often subject to revision.
The Brexit Factor
Uncertainties linked to Britain's planned departure from the European Union and trade conflicts between the United States and China have plunged Germany's export-dependent manufacturing sector into a recession.
Many economists expect the economy to fall into recession in the third quarter after contracting in the second.
Data due to be published later on Monday is expected to show the number of people out of work rose by 5,000 in September after an increase of 4,000 the previous month.