Business World

Friday 20 April 2018

Eurozone retail sales rebound in biggest monthly jump in 12 years

EUROZONE retail sales made the biggest monthly jump in 12 years in November but unemployment was unchanged at a record high for the eighth month in a row

The jobless rate in the 17 countries using the euro stood at 12.1pc with 19.2 million of people without work, the EU's statistics office Eurostat said.

Unemployment among those younger than 25 was steady at 24.2pc for the second consecutive month.

But euro zone retail sales, a proxy for consumer demand, rebounded 1.4pc on the month in November after a 0.4pc decline in October, showing the fastest monthly increase

since November 2001.

Compared with the same period of last year, the volume of sales rose 1.6pc after a 0.3pc fall in October,

delivering the strongest rise since February 2008.

he monthly expansion was led by a 1.9pc rise in the volume of sales of all non-food products, except car fuels.

The bloc's two largest economies -- Germany and France -- showed a 1.5pc and 2.1pc growth in sales respectively in November, despite a deterioration in French

consumer and businesses morale in November.

In Portugal and Spain sales continued to improve in November with the volume rising 3.1pc on the month, the strongest in entire euro zone, and 1.9pc respectively.

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