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Financial News: German Retail Sales Unexpectedly Rise For Second Month

German Retail Sales Unexpectedly Rise For Second Month

03/29/2019 - 03:32:00 (RTTNews)

(RTTNews) - Germany's retail sales rose for a second straight month in February, defying expectations for a decline, preliminary data from the Federal Statistical Office showed on Friday.

Retail sales grew 0.9 percent month-on-month in real terms, which was in contrast to economists' prediction for a 0.9 percent fall. The pace of growth was the weakest in four months.

January's gain was revised down to 2.8 percent from 3.30 percent. In December, sales decreased 3 percent.

On a year-on-year basis, retail sales grew 4.7 percent in February, which was much bigger than the 2.2 percent gain economists had forecast.

In January, sales grew an upwardly revised 3.1 percent following a 1 percent slump in December.

Sales of food, beverages and tobacco grew 2.3 percent year-on-year and those of non-food products surged 6.1 percent.

Internet and mail-order sales jumped 9.2 percent.

In the January to February period, retail sales increased 0.9 percent year-on-year.

Separately, the statistical office announced that employment grew by 1.1 percent or 485,000 persons year-on-year in February to 44.8 million.

The growth in employment retained its momentum despite the weaker expansion in the economy.

Unemployment decreased an adjusted 20,500 persons from the previous month to 1.36 million. The ILO jobless rate dropped to 3.1 percent in February from 3.2 percent in January.

The statistical office also reported that the import price inflation doubled to 1.6 percent in February from 0.8 percent in January.

On a month-on-month basis, import prices rose 0.3 percent in February.

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