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Irish Retail Sales On The Up

James Boston
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Irish Retail Sales On The Up

In line with the ongoing recovery, the Irish Central Statistics Office has released details showing an increase in the May Retail Sales figures. The Month on month reading has swung from -0.9% change in April to a positive 0.9% expansion in May. Year on year is still showing some substantial growth at 6.2% although this is slightly off on the previous reading of 6.8%.

The strong Irish figures do not seem to have helped the overall Eurozone sentiment, confidence indicators for the bloc released this morning are off across the board.
The headline Eurozone Consumer Confidence number for the month of June has just come in at -7.5, this is a fall from the -7.1 experienced in May and also badly missed the expectation for a pick up to -6.7.

The Eurozone’s Economic Sentiment Indicator has also disappointed this month, the reading is now at 102 which represents a fall from the revised May figure of 102.6. Expectations were also missed, the market was anticipating an increase to 103 in Sentiment this month,

Additionally, the important Business Climate number has fallen back, this now stands at 0.22 compared to the revised May number of 0.36, consensus estimates were for this to rise to 0.40 as opposed to the significant drop experienced today.

The final piece of disappointing data from the Eurozone this morning was the Industrial Confidence number which has further fallen to -4.3 this morning, this reperesents a drop from May’s -3.1 and comes in well below the market anticipated -3.0.

It’s not all bad news on the confidence side, the Eurozone Services Sentiment number is continuing it’s upward trend by again posting a gain this month. At a reading of 4.2 this not only comes in ahead of the positive May print of 3.8, it also easily beat the market consensus estimate for a 4.0 figure this month.

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