Latest data released by Destatis – 2 June 2021

  • Prior +7.7%
  • Retail sales +4.4% vs +10.1% y/y expected
  • Prior +11.0%; revised to +11.6%

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That’s quite the miss as the German statistics agency notes that the federal emergency brake in the second-half of April and the fading of Easter business in March are the likely culprits behind the big monthly decline.

That said, it is mostly just some moderation after the big jump in March (+7.7% m/m) so there is that to consider as well.

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