Eurozone retail sales fell further in April; Germany hit by end of car scrappage scheme

Eurozone retail sales survey data for April, from Markit signalled a fourth successive monthly fall. The rate of decline slowed further from February’s eleven-month record, but remained steeper than the long-run trend seen since January 2004. The headline seasonally adjusted Eurozone Retail PMI (Purchasing Managers’ Index) rose to 47.2, from 46.9 in March. There is clearly a payback in Germany, for the end of the car scrappage scheme, which in 2009 boosted sales.

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