Itaú BBA - Retail sales slide again in October

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Retail sales slide again in October

December 13, 2018

For the time being, we forecast stagnation in core and broad retail sales in November, in seasonally-adjusted terms


For the version with all charts and tables, please open the attached pdf file
 

Core retail sales fell 0.4% mom/sa in October, extending the previous month’s decline and disappointing the median of market expectations (0.0%) and our estimate to a lesser extent (-0.3%).

Broad retail sales (including vehicles and construction material) dropped 0.2% in October, also missing the median of market expectations (0.6%), but in line with our call.

For the time being, we forecast stagnation in core and broad retail sales in November, in seasonally-adjusted terms. Going forward, growth should pick up thanks to more expansive financial conditions. Importantly, such improvement hinges on the approval of reforms.
 


 

Artur Manoel Passos
Alexandre Gomes da Cunha

 


 

For the version with all charts and tables, please open the attached pdf file
 



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