Itaú BBA - Broad retail sales advance 19.6% mom/sa in May

Macro Brazil

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Broad retail sales advance 19.6% mom/sa in May

julio 8, 2020

Gains topped expectations and were widespread across sectors


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

 In May, the increase in broad retail sales was much stronger than anticipated, at 19.6% mom/sa (Itaú: +10.0%; market consensus: +6.7%). 

 The monthly gains were widespread across sectors. However, compared to the same period last year, only supermarket sales advanced.

 Available data suggest that economic activity indicators bottomed in April and started to recover in May and June.


Luka Machado Barbosa
Matheus Felipe Fuck


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



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