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Eurozone retail sales drop in line with expectations in July

Retail sales volume in the eurozone declined 0.6% month over month in July, after seasonal adjustments, following a revised 1.2% increase in June, data from the Eurostat showed.

The consensus estimate of economists polled by Econoday was also for a 0.6% drop in July.

Sales of textiles, clothing and footwear slumped 3.2% on a monthly basis in July after a 4.5% surge in June. Electrical goods and furniture sales, and pharmaceutical and medical goods sales dropped by 1% each in July month over month.

In annual terms, retail sales volume grew 2.2% in July after a revised 2.8% increase in June.