Brazil retail sales shine light on economy’s decline

JONATHAN WHEATLEY, FINANCIAL TIMES – 7/15/2015  

Another day, another disastrous data point from Brazil. The national statistics office revealed on Tuesday that retail sales fell a seasonally adjusted 0.9 per cent in May from April and by (an unadjusted) 4.5 per cent year on year.

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The figures were much worse than expected. A Bloomberg survey had predicted a 0.3 per cent month-on-month contraction in the headline figure. A look into the detail shows the extent to which Brazil’s consumer credit-driven growth model has collapsed.

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