Across Europe in May, retail sales rose as Germany, France and Spain increased their spending. As unemployment was at a 12 year peak in May, it is expected that consumers will lower their spending in the coming months. As Hermes CEO Patrick Thomas stated, “many questions remain” concerning the rest of 2010.
Howard Archer, chief European economist at London’s IHS Global Insight, showed concern for the European debt crisis and suggested “it looks very likely that there will be renewed moderation in growth in the third quarter.”
Image credit: hermes.com
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