Tuesday, May 31, 2011

Retails Sales Plunge in Europe; Italy The Worst

The latest Markit’s PMI (Purchasing Managers' Index) survey shows that retail sales in the Eurozone fell for the first time in three months in May. In addition, sales were only marginally higher than one year earlier, with retailers cutting staff levels and also reducing purchasing.

Italy was particularly bad, but France and Germany also showed slower growth.

"The Eurozone Retail PMI is a single-figure indicator of changes in the value of sales at retailers. The PMI is adjusted for seasonal factors, and any figure greater than 50.0 signals growth compared with one month earlier. The PMI slipped from 52.2 in April to 48.8 in May. That was the lowest figure since October 2010, and also below the long-run survey average (since January 2004) of 49.1. The latest PMI figure was consistent with a broadly flat trend in official retail sales (on a three-month on three-month basis) as produced by the EU’s statistics office Eurostat".

Please take a look at Italy:

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