Switzerland: Retail sales suffer record drop in June
August 2, 2016
In June, retail sales contracted a seasonally- and working-day adjusted 3.9% over the same month last year. The reading came in below the 1.7% decline seen in May and represented the sharpest drop on record. Market analysts had expected a milder contraction of 2.0%. According to the Federal Statistics Office, June’s slump reflected a decrease in sales across all categories with the non-food category declining the most.
On a sequential basis, retail sales adjusted for seasonal factors decreased 0.5% in June, which was a deterioration from the flat print seen in May. The annual average variation in retail sales declined from a 1.1% contraction in May to a 1.4% decrease in June.