A decent recovery in Eurozone retail PMI’s in May

May 2018 Eurozone Markit retail PMI’s 06 June 2018

Eurozone 51.7 vs 48.6 prior
Germany 55.5 vs 51.0 prior
Italy 47.3 vs 42.7 prior
France 50.7 vs 50.1 prior

Yesterday’s retail sales report for April missed expectations. We flagged that possibility just before the numbers after checking back on the April PMI’s. They too didn’t show much of a bounce back from the poor March numbers. These numbers are much better and in some cases, by a good margin. That suggests we will see a decent bounce in the headline numbers for May, out next month. We’ll have to see what the expectations are for that nearer the time.