Retail Sales in the Restricted and Augmented Senses with Different Behavior

BRAZIL ECONOMICS - Report 15 Oct 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
In August, real retail sales in the restricted definition once again came as a positive surprise, with seasonally adjusted growth of 0.9% (+2.1% in July). However, sales in the augmented concept, which includes cars and construction materials, were much weaker. The 12-month rates constructed from the 3-month moving average of both series clearly show the discrepancy (Graph 1): while restricted sales expanded by 4.3% over the past 12 months, with the latest figure, augmented sales only grew 0.3%. It is important to note that despite the relatively stronger growth of sales in the restricted d...

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