Retail Sales Data Supports View For Weak Recovery In Demand

The latest retail sales data in the US and the eurozone supports BMI's core view that the recovery in consumer demand in developed markets will be weak. US retail sales fell unexpectedly in May, with a 1.2% month-on-month (m-o-m) fall representing the largest decline since September 2009. Meanwhile, retail sales in the eurozone fell by 1.2% during April, representing the deepest fall since October. In both markets the fall was unexpected, with analyst polls for Reuters predicting growth of 0.1% in the eurozone and 0.2% in the US. Base effects mean that in both markets sales were ahead of their

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