Brazil: Retail sales drop again in July
Retail sales (excluding cars and construction) fell 0.5% from the previous month in seasonally-adjusted terms in July, following June’s revised 0.4% contraction (previously reported: -0.3% month-on-month) and marking the third consecutive drop.
The decline was largely broad-based with five of the eight categories recording contractions. The largest negative contribution was recorded in sales of furniture and household appliances.
On an annual basis, retail sales fell 1.0% in July, swinging from June’s 1.5% expansion and marking the worst result since March 2017. According, annual average growth fell from June’s 3.6% to 3.2% in July.