German retail sales fall on the month for first time since September
BERLIN (Reuters) - German retail sales fell in February on a monthly basis for the first time since September, data from the statistics office showed on Tuesday, but a strong annual gain buoyed expectations private consumption will propel growth this year.
Retail sales, a notoriously volatile indicator, dropped by 0.5 percent on the month in real terms in Europe's largest economy. They came in slightly higher than the forecast in a Reuters poll for a 0.7 percent dip.
On the year, retail sales jumped by 3.6 percent in real terms as shoppers spent more online and on shops on food, clothes and cosmetic products. They just missed the Reuters forecast for a 3.7 percent rise.
German consumer morale is at its highest level in 13-1/2 years as cheaper oil frees up some cash for shoppers who are already benefitting from record employment and rising wages.
(Reporting by Michelle Martin; Editing by Madeline Chambers)
