Taps Coogan – August 6th, 2022

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As the following chart from the Daily Shot via Win Smart highlights, German retail sales ex-autos have fallen nearly 10% in June, the largest year-over-year decline on record. While the chart below only goes back to 2001, this is the largest decline since at least 1994. The Euro began circulating in 2002.

The decline in retail sales is larger than during any of the Covid lockdowns, though it is exaggerated somewhat by the fact that year-ago sales were rebounding strongly from the Winter 2020/2021 lockdowns.

While the debate rages as to whether the US is in a ‘technical recession’ or a real recession, Germany is pretty clearly in the latter.

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