Itaú BBA - Retail sales beat expectations in July

Macro Brazil

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Retail sales beat expectations in July

septiembre 11, 2019

Result reinforces moderate expansion trend in consumer spending


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

• Retail sales growth beat expectations in July. The broad index rose 0.7% mom/sa (market: -0.6%; Itaú: +0.1%), while the core index (excluding vehicles and construction material) climbed 1.0% (market: +0.2%; Itaú: +0.5%).

• Credit-sensitive retail sales continue to grow faster than income-sensitive sales — the latter had been surprisingly weak in recent months but rebounded in July.

• Available coincident indicators point to a drop in the core retail index (-0.2% mom/sa) and an increase in the broad index (+0.4% mom/sa) in August.
 

Luka Barbosa
Alexandre Gomes da Cunha

Matheus Felipe Fuck

 

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



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