<p>Euro zone retail sales fell in August, data showed on Thursday, pointing to a weakness in consumer demand and underlining expectations of an approaching recession.</p><p>Eurozone Retail Sales YoY: -2% (Forecast -1.7%, Previous -0.9%)</p><p>The European Union’s statistics office Eurostat said retail sales in the 19 countries sharing the euro fell 0.3% month-on-month for a 2.0% year-on-year drop.Economists polled by Reuters had expected a 0.4% monthly fall and a 1.7% year-on-year decline.The fall in retail sales, seen as a proxy for consumer demand, underlines economists‘ expectations that the euro zone is likely to go in to a recession in the coming quarters, hit by the energy price shock created by the Russian invasion of Ukraine</p><p><a target=“_blank“ href=“https://ec.europa.eu/eurostat/documents/2995521/15131934/4-06102022-AP-EN.pdf/30dbcae1-1162-7035-4b3e-ae69a64df586″ target=“_blank“ rel=“nofollow“>Report</a></p><p><a target=“_blank“ href=“https://twitter.com/PriapusIQ/status/1577947731120852992?s=20&t=yYCAGKkWQUrhJQvFPGzPkQ“ target=“_blank“ rel=“nofollow“>Reuters</a></p><p><a target=“_blank“ href=“https://www.forexlive.com/terms/e/eur/“ target=“_blank“ id=“b0427fd7-674c-4ad1-b689-22d1f8b087b0_1″ class=“terms__main-term“>EUR</a></p>

This article was written by Ryan Paisey at forexlive.com.