The Brazilian consumer, who sustained Latin America’s largest economy through the 2008 crisis, showed signs of faltering in August after retail sales fell more sharply than expected.
Sales during the month declined 0.4 per cent compared with July, the weakest monthly performance since March last year. Sales grew 6.2 per cent year-on-year, which was the second slowest growth rate since September 2009.
“Although we were pessimistic about retail sales, we worry that the economy is decelerating faster than we expected,” Goldman Sachs said in a client note.
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