Switzerland: Retail sales deteriorate in July
Retail sales decreased 2.6% year-on-year in calendar-adjusted terms in July, which contrasted June’s 0.1% increase. The result marked the worst reading since February. July’s notable weakening was partly driven by a deterioration in food, beverages, and tobacco sales. Meanwhile, household equipment sales fell at a more moderate rate.
On a monthly basis, retail sales fell 2.8% in seasonally-adjusted terms in July, which was better than June’s 3.7% fall. Meanwhile, annual average retail sales growth fell to 5.6% in July (June: +6.2%). This signals a worsening trend in the retail trade sector.