While retail sales are holding up in the U.S.A. they fell sharply in Europe in October 2022. As retailers firm up annual budgets, the scenario of a recession seems to be confirmed.
According to Eurostat, retail sales in Europe fell by 1.8% in October 2022 (compared to September). This drop, the largest recorded since July 2021, was before households turned on the heating, as temperatures were mild until mid-November. In the U.S.A., by contrast, retail sales rose by 1.3% in October. Americans bought more discretionary goods, such as furniture, cars and food outside the home.
Energy costs in the U.S. rose by 17.6% in October 2022, almost 2.5 times less than in Europe,...
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