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Retail sales in the euro zone during the month of May rose, posting the highest monthly gain this year. However, the figure remained largely in line with expectations, government data showed.
Retail sales, a proxy for household spending, were up 0.4 percent in May m/m and 1.6 percent on a yearly basis in the 19-country currency bloc, largely in line with market expectations, data released by the Eurostat showed Tuesday.
The rise recorded in May is the highest of the year on a monthly basis, confirming a generally positive trend for sales in 2016 when they grew every month, except in March when consumers' purchases fell 0.6 percent, Reuters reported.
Eurostat also revised up the monthly figure for April, which now shows a 0.2 percent rise in retail sales, instead of the previous estimate of flat sales. The higher sales were driven by consumers' increased purchases of the so-called non-food products, a category including textiles, medical goods and electronic appliances, which recorded 0.7 percent rise month-on-month.
Moreover, sales of fuel and food, drinks and tobacco products were flat in May. Among the largest euro zone economies, retail sales on a monthly basis rose 0.9 percent in Germany after two consecutive falls, while remained flat in France.
"After a traumatic couple of weeks for Europe’s economies, the slight boost to retail sales across the eurozone in May will be welcome news," said Dennis de Jong, Managing Director, UFX.com.
Further, low inflation and a gradual improvement in the bloc’s labor market have bolstered private consumption as the eurozone's jobless rate fell to its lowest level in almost five years during May. However, economists have warned of any potential impact from the Brexit win that is yet to appear.
Meanwhile, in line with this concern, Markit data firm cautioned earlier Tuesday that its latest survey of eurozone purchasing managers should be taken with a pinch of salt, as 90 percent of the survey responses were received ahead of the UK's referendum result, reports confirmed.
