Swedish retail sales dropped from July, but still saw a decent figure. On a year-on-year basis, retail sales rose 3 percent in August; however, on a month-on-month basis, the retail sales dropped 0.3 percent. Consensus expectations were for retail sales to rise 0.1 percent sequentially and 3.4 percent year-on-year.
Today’s report continues to be at healthy levels, which supports a strong rebound amongst consumers in Sweden, noted Nordea Bank in a research report.
Nevertheless, the outcome for July was downwardly revised two weeks ago, and were downwardly revised again by 0.2 percentage points today to 3.7 percent from 4.8 percent.
Retail sales account for 35 percent of total household consumption, but along with rebounding consumer sentiment and a stable financial situation, conditions are in place for a continued rebound in household consumption.
