HALISTER1: Brazil’s Retail Stability Consolidates 1H17 Recovery, Itau Says

Brazil’s Retail Stability Consolidates 1H17 Recovery, Itau Says

(Bloomberg) -- Stable retail sales in July came "slightly below our projection and the median of expectations." "The recent performance is a reflection of the fall in inflation (which increases real family income), the reduction of interest rates and the withdrawal of inactive FGTS accounts," according to a report signed by Artur Manoel Passos and Mario Mesquita.
  • "The improvement in the pace of hirings also helps explain the recovery"
    • "Looking ahead, we expect retail sales to continue recovering in the coming months, albeit at a slower pace due to fewer contributions from the disinflation and the withdrawal of inactive FGTS accounts"
  • NOTE: Earlier, IBGE said Brazil July retail sales unchanged M/m; est. +0.1%
Original Story: Itaú: Estabilidade do varejo consolida recuperação do 1S17 To contact the translator on this story: Leonardo Lara in Sao Paulo at llara1@bloomberg.net Reporter on the original story: Leonardo Lara in Sao Paulo at llara1@bloomberg.net Editors responsible for the original story: Daniela Milanese at dmilanese@bloomberg.net Patricia Lara

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