As Europe enters recession, German retail sales crash to a record low.

While it is now largely consensus that Europe is sliding into a recession, if not already in one, few were prepared for today’s retail sales print from Germany which was shocking: according to Destatis, the German national statistics office, German retail sales fell at the largest annual rate since records began in 1994, highlighting the scale of the economic collapse facing the eurozone’s largest economy.

Retail sales volumes dropped 9.8% in June (unadjusted) compared with the same month last year.

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