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Chart of the day: Check out the sluggish growth in retail sales
It is even worse after excluding auto sales.
The spillovers from trade may have taken its toll on the city-state’s retail sales, which dipped 1.5% over the previous month.
According to the latest report by Natixis, retail sales have been sluggish, especially after excluding sales for motor vehicles.
“Given subdued confidence, retail sales have been rather sluggish, especially after excluding auto sales. The lack of income growth in the trade sector is spilling over to retail sales through weakened confidence in future prospects,” the report said.
The motor vehicles sector can only do so much to lift the number as it has fallen to 3.7% already excluding sales from the said sector.
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