German retail sales fell more sharply than anticipated
Fri Oct 31 08:05:40 2008
EDT
(Adds German retail association reaction.)
German retail sales fell more sharply than anticipated
in September from the previous month, as consumers grow continually worried
about economic recession.
September retail sales declined 2.3% from August in real, adjusted terms, the
Federal Statistics Office said Friday.
That was more than double the decline expected by 10 economists, which on
average predicted a 1.1% drop, in a Dow Jones Newswires survey.
Germany's economy contracted in the second quarter and activity sputtered in
the third quarter, prompting worries that the euro zone's largest economy has
entered a technical recession, or two consecutive quarters of a shrinking gross
domestic product. Preliminary third quarter GDP data will be available Nov. 20.
The European Central Bank is widely expected to cut interest rates by 50
basis points at its Nov. 6 policy meeting, making it the second cut within a
month aimed at stemming economic woes and restoring confidence in financial
markets. Euro-zone inflation is slowing in the euro zone at a rapid pace, down
to 3.2% in October from 3.6% in September, preliminary data released earlier
Friday shows. That should give the ECB leeway to ease policy, but is unlikely
to convince euro-zone residents to go out and spend
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