Switzerland: Decline in retail sales softens in May
Retail sales fell 1.6% year on-year in calendar-adjusted terms in May (April: -5.5% c.a. yoy). The smaller contraction largely reflected an improvement in culture and recreation goods sales, and a softer contraction in food sales.
On a seasonally-adjusted monthly basis, retail sales rose 1.1% in May (April: -0.9% mom). Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at an over one-year low of 0.8% in May, down from April’s 1.2%.