Connect with us


Germans rushed to reopen their wallets after the lock was lifted

German consumers rushed to reopen their wallets after the blockages of coronaviruses were lifted in May, boosting retail sales in the country by a record 13.9% from the previous month, according to data released Wednesday.

The monthly jump was the largest since the start of the data series in 1994, said the Federal Statistics Agency, and sales were 3.8% higher than they were the same month l ‘last year, which suggests that the lifting of blockages has released a pent-up demand. .

The data is the latest evidence that the German economy has rebounded from its lowest point when the pandemic was in effect, despite the fact that social distancing rules remain in place and that many large-scale public events are closed. Some economists have said they could revise their estimates for the country’s economy upward.

“Taking advantage of the early reopening of stores, German consumers opened their wallets like never before in May,” said economist Berger Holger Schmieding. “German retail sales data indicate an upside risk to our forecast.”

The retail rebound was boosted by a sharp increase in online and mail-order sales, which increased 28.7% year-on-year in May. Retail sales of food in supermarkets and grocery stores increased 4.9% year-over-year, said Destatis, while sales of furniture, appliances and building materials increased 8.6 %.

However, not all sectors have benefited; sales of textiles, clothing, footwear and leather goods decreased 22.6% compared to the same period last year, while sales of cosmetics, pharmaceuticals and medical products decreased by 6, 3%. Monthly figures were not available at the sector level.

Ralph Solveen, economist at Commerzbank, said that if the trend continued in June, “unchanged sales could even be reported for the quarter as a whole. . . This would indicate a smaller drop in GDP in Q2 than most analysts currently expect. ” However, he warned that “retail sales figures are often subject to a major overhaul.”

France experienced a similar rebound in retail sales in May, its national statistics office announced on Tuesday. Consumer spending on goods increased 36.6%, purchases of cars and leather goods more than tripled month-on-month, and sales of durable goods such as furniture more than doubled.

But French household spending on goods remains 7.2% below the level before the pandemic in February, which indicates that the economy still has a long way to go before returning to a normal level of consumer activity.

Retail sales figures in Germany came in while confidence surveys in Spain and Italy indicated that the slowdown in manufacturing had eased significantly after the easing of pandemic restrictions.

The IHS index of manufacturing purchasing managers (PMI) for Italy rose to 47.5 in June compared to 45.4 the previous month; for Spain, it rose to 49 in June, against 38.3 the previous month. A reading of less than 50 indicates that the majority of respondents reported deteriorating conditions, but the figures show that an increasing proportion of businesses said that activity had improved compared to the previous month.

In France, manufacturing activity has returned to growth, but companies have continued to cut jobs. The final PMI reading showed an increase to 52.3, slightly higher than the initial estimates released last week.

“Eurozone factories are experiencing a strong initial recovery as the economy recedes from the Covid-19 closures,” said Chris Williamson, chief economist at IHS Markit.

The economic impact of the pandemic is still weighing on the German job market, according to separate figures released Wednesday by Destatis, which showed that the number of employed people fell from 209,000 to 44.6 million in May.

However, the country’s short-term leave scheme, Short-term work, helped to avoid job losses on a larger scale; at the height of the crisis, more than 11 million people had applied to access the program.

Additional reporting by Valentina Romei in London

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

picture credit


to request, modification Contact us at Here or [email protected]

Tech1 min ago

Google: Amazon, Google face tough rules in Indian e-commerce draft

Sarita Rai India’s latest e-commerce policy draft includes procedures that can help local start-ups and impose government oversight on how...

Sports1 min ago

Shanghai stocks are rising from economic optimism

Representative image Shares in Shanghai rose to a peak of more than two years on Monday, as investors piled up...

Business3 mins ago

British insurer Tulloch, CEO of Aviva, resigns and Blanc appointed

FILE PHOTO: A pedestrian walks past the Aviva logo outside the company’s corporate headquarters in London, Britain, March 7, 2019....

Health5 mins ago

Two Victorian Slaughterhouses Included in State’s New COVID Case

In Victoria, two slaughterhouse workers tested positive for COVID-19. Two new cases will work at the JBS Slaughterhouse in Brooklyn...

International6 mins ago

The British state went bankrupt. However, there is a way out.

Feedback Digital Banking Savings and Investments Upside CEO and founder Andries Smit wrote: Image source: Susan Yin/Unsplash. Before Covid-19’s storm...

Entertainment6 mins ago

Tony Hadley of Spandau Ballet hits Martin Kemp’s fake documentary

Tony Hadley hit the fake BBC documentary Martin and Gary Kemps (Photo: Rex / BBC) Tony Hadley, the former leader...

International9 mins ago

The AIDS International Conference turns to SF, overshadowed by a new pandemic

This week would be an important occasion for the Bay Area public health. The International AIDS Conference, the most important...

Tech9 mins ago

Samsung Galaxy Note 20 Release Dates From Reliable Sources

The Samsung Galaxy Note 20 smartphone is one of the most anticipated devices of the year and its launch date...

Health10 mins ago

Asthma does not seem to increase the severity of COVID-19

Credit: CC0 Public Domain According to the Rutgers research team, asthma does not seem to increase the risk of people...

Politics10 mins ago

Rocky Gerung wants to be the original president of Menkumham, Joko Widodo fulfills one condition, more here!

Rocky Gerung wants to be the original president of Menkumham, Joko Widodo fulfills one condition, more here! POS-KUPANG.COM, JAKARTA –...