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EU Retail Sales: More Inflation on the Way?
The eurozone’s better than expected services PMI could suggest that the European economy is on track for growth. The services sector, of course, suffered the most from covid, and its recovery would be a strong sign of improvement over the impact from covid. The implication is that European consumers are still willing to spend. We could get confirmation of that theory tomorrow when the eurozone will report its August Retail Sales data. The importance here is in the context of rising inflation. Several EU officials have acknowledged that inflation is a problem. However, in the most recent meeting of Financial ... (full story)