The employment, compensation and hours worked indexes presented homologous growth of 2.2%, 8.5% and 2.5% in June (2.2%, 11.4% and 3.7% the previous month), respectively.
In the second quarter of 2023, retail sales grew 3.2% in homologous terms (1.7% in the 1st quarter).
The change in the sales volume in retail index have seen a similar dynamic in its two groupings: Food products presented a homologous variation of 3.7% in June, an increase of 0.9 percentage points compared to the month prior, and non-food products’ growth accelerated by 1.1 points, bringing the growth to 4.2%.
The monthly change in the aggregated index was -1.6% (3.1% the month prior). The food products and non-food products groups went from 4.1% and 2.4%, respectively, to -2.9% and -0.6% in June.
In nominal terms, the homologous aggregated index variation rate was 3.5% in June (4.3% in May), with food products having grown 8.6% (9.7% in May), while non-food products suffered a shrinkage of 0.6% (a -0.2% change from the month before).
In the second quarter of 2023, sales in retail grew by 3.2% in homologous terms (change of 1.7% the previous trimester). The index of the food products group grew 2.7% (-0.7% from the 1st quarter). The non-food products, meanwhile, had the same growth rate as in the previous trimester (3.5%).
Employment, salaries and hours worked presented homologous growths of 2.2%, 9.5% and 2.5%, respectively (2.2%, 11.4% and 3.7% in May 2023).
The monthly variation rate in employment, salaries and hours worked indexes was at 1.6%, 12.9% and -1.5%, respectively (1.5%, 15.9% and -0.3% in June 2022).
How does this compare to seasonal upticks from prior years? I would assume that growth happens every summer along with an increase in tourism. With record tourist numbers this year, there should also be a correlation to retail sales growth as well.
By Tony from Algarve on 31 Jul 2023, 10:40