Itaú BBA - Truckers’ stoppages lead to falling retail sales in May

Macro Brazil

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Truckers’ stoppages lead to falling retail sales in May

julio 12, 2018

Breakdown shows widespread decline

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

• Core retail sales dropped 0.6% mom/sa in May, slightly better than the median of market expectations (-0.8%) and our estimate (-1.0%).

• Broad retail sales (including vehicles and construction material) tanked 4.9%, disappointing the median of market expectations and our call (both at -3.2%). The truckers’ stoppages affected sales in the final two weeks of the month and influenced the result.

• The May decline was widespread, with drops in 8 out of 10 broad retail segments.

• For the time being, we forecast an increase of 1.1% mom/sa in broad retail sales in June.
 

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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