Eurozone retail data shows economic fluctuations

Eurozone retail sales data for May fell by 0.7% month-on-month, contrasting with the strong sales performance at the beginning of the year. ING economist Bert Colijn pointed out that previous retail sales growth had suggested that wage increases were translating into higher consumption, but currently, the savings rate continues to rise due to high uncertainty. Weak consumer confidence is affecting retail sales, while service sector activity also declined by 0.3% in April, which may indicate a contraction in GDP for the second quarter. However, as purchasing power continues to recover, retail sales are expected to rebound