India, Aug. 6 -- Euro area retail sales rebounded in June suggesting that household spending likely supported economic growth in the second quarter, official data revealed on Wednesday.
Retail sales grew 0.3 percent on a monthly basis in June, offsetting May's 0.3 percent decline, Eurostat said. However, this was marginally weaker than economists' forecast for a 0.4 percent increase.
Food, drink and tobacco sales rose 0.2 percent and non-food product sales gained 0.6 percent. Sales of automotive fuel in specialized stores grew 0.4 percent from a month ago. On a yearly basis, Eurozone retail sales growth accelerated to 3.1 percent from 1.9 percent in May. Economists were expecting an annual growth of 2.6 percent.
ING economist Peter Vande...