The Day Ahead Europe: Euro Zone Retail Sales

(CEP News) - The focus on Friday will be on euro zone retail sales data for January, which should highlight how much private consumption is benefiting from the recent sharp falls in inflation.

Ahead of the Eurostat report, expectations are for retail sales volumes to rise 0.2% in January after remaining unchanged over the previous month. Year-over-year, sales volumes are expected to have fallen 2.3% in January, overshadowing December’s 1.6% decline.

While the median consensus forecast is for a modest uptick in sales volumes, economists at Capital Economics expect retail sales levels to fall 0.2% month-over-month, suggesting that easing inflation “is doing little to boost household spending.”

“This would leave the annual growth rate at about -2.3%,” they said. “With consumer confidence at a record low and the labour market downturn gathering speed, household spending looks set to continue to contract over the coming months.”

All times in EDT.

3:00 DE Wholesale Price Index (M/M) February Prior: -0.4%

3:00 DE Wholesale price Index (Y/Y) February Prior: -5.9%

3:00 EU EU 25 New Car Registrations February Prior: -26.9%

3:45 FR Current Account (EURO) January Prior: -1.2B

5:00 IT Labor Costs (Q/Q) 4Q Prior: +1.2%

5:00 IT Labor Costs (Y/Y) 4Q Prior: +6.2%

6:00 EU Euro-Zone Labour Costs (Y/Y) 4Q Exp: +3.6% Prior: +4.0%

6:00 EU Euro-Zone Retail Sales (M/M) January Exp: +0.2% Prior: +0.0%

6:00 EU Euro-Zone Retail Sales (Y/Y) January Exp: -2.3% Prior: -1.6%

March 13 IT Bank of Italy Releases Jan. Public Finance Supplement

By Todd Wailoo, twailoo@economicnews.ca, edited by Sarah Sussman, ssussman@economicnews.ca

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Posted in Categories: Economy, Eurozone, Releases, UK.

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