Euro zone retail sales increased much more than expected in August, data showed on Friday, pointing to stronger demand from households that could help economic growth in the third quarter. The European Union's statistics office Eurostat said retail sales in the 18 countries sharing the euro rose 1.2 percent month-on-month in August for a 1.9 percent year-on-year gain. "August's jump in retail sales fuels hopes that consumer spending could make a decent contribution to euro zone GDP growth in the third quarter," said Howard Archer, economist at IHS Global Insight. "Retail sales volumes were up by 0.6 percent in the three months to August compared to the three months to May. Barring a very sharp correction in September, retail sales volumes look likely to have grown by around 0.7 percent quarter-on-quarter in the third quarter," Archer said.
via Business News http://ift.tt/1px6EYM
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