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September 02, 2024
António Seladas, CFA
António Seladas, CFA
Quick Comment: Portuguese Economy: Budget execution in July suprised
Strong surprise of the budget execution in July, on a cash basis, the government budget is now positive, roughly €1.06BnYtD, even so less €904Mn than in July 2023.
August 30, 2024
António Seladas, CFA
António Seladas, CFA
July sales volumes: Food: +2.2%YoY; below moving averages
Retail sales in July, volume data, +3.0%YoY; above 12MMA: 2.2% but below 3MMA: 3.8%; leveraged on non-food sales +3.7%; as Food sales: +2.2%; adjusted from abnormal prior data (3MMA: 5.4%).
August 29, 2024
António Seladas, CFA
António Seladas, CFA
DEI - August improved after a weaker July, even so, the quarter should underperform
The DEI recovered in August, +4.6%YoY vs July: 2%; however the 3QtD: 3.1% is on the weak side vs. prior quarters. So, unless September surprises, the quarter should underperform.
August 29, 2024
António Seladas, CFA
António Seladas, CFA
July’s job data – Unemployment rate went down 21bpMoM to 6.18%; clearly below moving averages
The job market surprised in July, unemployment rate 6.2%, -21bpMoM, below moving averages, while past data was reviewed downwards clearly pointing to a stronger job market than past data was showing.
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