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It’s a trailing economic data point, but is it ever an ugly one. Retail Sales for the Euro Zone for the month of June were the worst since the data started to be compiled for the region in 1995.

Yes, in context, we economic historians have to remember that the 15 member Euro Zone region does not have aggregated data that spans across decades. This of course is a major problem, when we look to compare their consumer spending cycle, in the aggregate, with that of the 1970’s. Regardless, at -3.1% year over year (see chart), this June report needs to be respected, particularly if it a leading indicator of negative US consumer spending months and quarters to come.

KM
Research Edge Chart by Andrew Barber, Director