German Retail Sales Soar in August Rising Hopes of Recovery

Data showed that German retail sales rose much more than expected in August, reviving hopes that household spending in Europe’s largest economy will lead to a strong recovery in Q3 from the coronavirus shock.

Data from the Federal Statistics Office revealed that retail sales jumped 3.1% on a monthly basis in real prices, after a rate of 0.2% decline in July. Reuters forecasts indicated a 0.5% increase.

On an annual basis, retail sales rose 3.7% in real terms after an upwardly revised 5% increase in the previous month, the data revealed.