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Financial News: Brazil Retail Sales Fall Unexpectedly In July

Brazil Retail Sales Fall Unexpectedly In July

09/14/2022 - 09:26:00 (RTTNews)

(RTTNews) - Brazil's retail sales decreased for the third straight month in July, defying economists' expectations for an increase, figures from the Brazilian Institute of Geography and Statistics, or IBGE, showed on Wednesday.

Retails sales dropped a seasonally-adjusted 0.8 percent month-on-month in July, following a 1.4 percent decrease in June. In contrast, economists had forecast sales to increase by 0.3 percent.

Sales of fabrics, clothing and shoes declined notably by 17.1 percent and those of vehicles and motorcycles, parts and pieces slid 2.7 percent.

On a yearly basis, retail sales decreased 5.2 percent in July, after a revised 0.1 percent fall in the prior month. Meanwhile, sales were expected to drop by 3.5 percent.

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