Bloomberg PMI Shows Record Fall in Euro Retail Sales
Dec 2, 2008
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The latest Bloomberg Euro- Zone Retail Purchasing Managers' Index (PMI), based on a mid-month survey of economic conditions in the euro area retail sector, slumped from 44.3 in October to 40.6 in November, signaling the sixth consecutive monthly fall in retail sales and the largest decline recorded in the five-year history of the survey.
• Sales fell at record rates in both Germany and Italy, while a more modest decline was recorded in France.
• Italy continued to record the steepest rate of decline in retail sales of the three countries covered by the PMI. The month-on-month sales index slipped to a new survey low of 28.5, from October's 34.8.
• Having eased slightly in the previous two months, the rate of decline in retail sales gathered pace in Germany to register the sharpest monthly drop yet recorded by the survey. The monthly sales index dropped sharply from 46.7 in October to 41.3.
• Sales were more resilient in France, but still fell overall for the second consecutive month. The index rose marginally to 48.7, from 48.5, signaling the weakest rate of decline of the three countries surveyed.
The Bloomberg Retail PMI provides data one month ahead of government-issued figures and is based on a survey of more than 1000 retail executives in Germany, France, and Italy. The latest findings showed that retailer margins fell at the fastest rate to date, as discounts were increasingly offered to boost disappointing sales.
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