Itaú BBA - Retail sales decline in July

Macro Brazil

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Retail sales decline in July

septiembre 13, 2018

First year-over-year drop in 16 months

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

Core retail sales declined for a third consecutive month in July, falling 0.5% mom/sa and disappointing the median of market expectations (+0.3%) and our estimate (+0.1%).

Broad retail sales (including vehicles and construction material) dropped 0.4% during the month, also missing the median of market expectations (+0.2%) and our call (stability). Sales were 1.5% lower than before the truckers’ stoppages (February-April average).

For the time being, we forecast a small 0.1% drop in core retail sales and an increase of 1.6% in broad retail sales in August.

 

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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