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Last Week’s Highlights

New Zealand Retail Sales Fare Better Than Expected

The latest retail sales report for the quarter from New Zealand showed that the decline was much lower than expected. Retail sales fell by 15% on the quarter ending June 2020, during the Covid-19 lockdown.

It was the biggest drop in 25 years. The declines came largely due to lower food and beverage services which fell 40%. Fuel also saw a drop of 35%.

In fact, most businesses saw unprecedented declines in the June quarter.

New Home Sales Rise for a 2nd Month in July

New home sales in the United States for July saw another month of solid gains. Data from the Commerce Department showed that new home sales rose by 13.9% on a monthly basis. This comes on the back of a 15.1% increase in June.

Economists forecast only a 1.2% increase in new home sales. The monthly increase pushed new home sales to the highest levels since December 2006.

German Q2 GDP Contracts Less than Forecasts

The German economy contracted less than...

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