Switzerland: Decline in retail sales softens in August
Retail sales dropped 1.8% year-on-year in calendar-adjusted terms in August (July: -2.5% c.a. yoy). August’s softer drop was largely due to more moderate falls in food, beverages, and tobacco and household equipment sales.
On a monthly basis, retail sales grew 0.4% in seasonally adjusted terms in August, rebounding from July’s 2.4% fall. Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at minus 1.6% in August, down from July’s minus 1.4% reading.