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UPDATE 1-Brazil's retail sales slip unexpectedly in May
July 12, 2017 / 12:46 PM / 5 months ago

UPDATE 1-Brazil's retail sales slip unexpectedly in May

 (Adds data on car sales, background)
    BRASILIA, July 12 (Reuters) - Retail sales in Brazil fell
slightly in May, government data showed on Wednesday, dashing
expectations for a moderate increase as the economy slowly
emerges from a deep recession.
    Sales volumes excluding cars and building materials fell 0.1
percent from April after seasonal adjustments. That followed a
revised increase of 0.9 percent in the previous month,
government statistics agency IBGE said. 
    Analysts in a Reuters poll expected a rise of 0.35 percent.
    Sales grew 2.4 percent from the year-earlier period
            , compared with expectations from the Reuters poll
for a 3.2 percent increase.
    Consumption has sputtered over the past year as a deep
recession that probably ended in the first quarter left a record
14 million Brazilians unemployed. Economists expect consumer
spending to start recovering in coming months as interest rates
and inflation drop, helping the economy gain speed.
    A broader measure that includes cars and building materials
and is considered more volatile fell 0.7 percent in May from
April but rose 4.5 percent from a year earlier.
    

 (Reporting by Silvio Cascione; Editing by Lisa Von Ahn)
  

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