A possible explanation is that the data correction is overcorrecting the impact of the five Saturdays in December, which would explain why the data is poor when the retailers reported strong Christmas sales.
More Quotes from Dominique Barbet:
Globally, confidence is still positive but we can't expect sales to take off or spending to surge. What seems to be happening is that while the jobless rate is falling, people are seeing less salary rises as the 35-hour week brings wage moderation, so morale is not so good among consumers.Dominique Barbet
This can be attributed to the slowdown and restraint ahead of the euro.
Dominique Barbet
It was very clear that industry was lagging behind, especially in terms of export-driven growth. In June we have signs of some recovery and I think this will continue.
Dominique Barbet
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