Retail sales (excl. autos) increased by 0.2% m/m, which was slightly below market expectations. In contrast, the index including auto sales surpassed markets expectations of 0.9% by far with a 1.4% increase. This surprise to the upside was almost entirely swept away by the downward revision of the previous month’s growth from -1.5% to -2.3% though. Thus, the release was quite neutral on the whole and confirmed the expectation of a slow recovery of private demand, given the still difficult environment, especially on the labor markets. The stronger than anticipated increase of sales including autos could have been anticipated by market participants from the vehicle sales data that was already released. The downward revision of the previous month’s value hough, as well as the slower than anticipated increase of sales ex autos may have disappointed market articipants. Indeed, 10Y Treasury yields decreased after the release, but have since returned to their previous values. The EURUSD exchange rate also went back to its value before the release after a short-lived dollar strengthening, according to the safe haven logic.