May survey data from Markit signalled a fifth successive monthly fall in Eurozone retail sales. The rate of decline continued to ease, however, and was the weakest seen in 2010 so far, reflecting the moderating influence of a further rise in French sales. The headline seasonally adjusted Eurozone Retail PMI (Purchasing Managers’ Index) edged up to 47.4, from 47.2 in April. Anecdotal evidence suggested that consumer caution persisted as the wider economic recovery remained uncertain, although a number of retailers expect the football World Cup to provide a temporary boost to demand.
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