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European retail sales came in down again. This time the July monthly sales figures were down -2.8% year over year. Within the context of the Euro existing as a unified currency for the region, we thought it might help to show you the context of the y/y sales declines. Below is the chart from 1.

Europe didn’t issue their citizens bailout rebate checks like the US Government did...

It is global this time, indeed.
KM