Brazil: Retail sales push higher in June
August 11, 2011
In June, retail sales (excluding cars and construction) expanded a seasonally adjusted 0.2% over the previous month. The reading was below the revised 0.7% increase tallied in May (previously reported: +0.6% month-on-month) but above market expectations of a flat result. On an annual basis, retail sales added 7.1% in June, up from the 6.3% rise in May. The monthly increase was fuelled by a robust expansion in sales of apparel, which grew 3.0% mom (May: +3.2% mom). Meanwhile, the broad retail sales index, which includes automobiles and construction materials, rose 0.5% over the previous month, with construction material sales adding 1.0% mom and vehicle sales contracting 0.7% mom. Annual average growth in retail sales fell from 9.2% in May to 8.9% in June.