Brazil Retail Climbs More Than Forecast With Economy Reopening

• Brazil’s retail sales rose more than expected as commerce started reopening in May, although they remained well below last year’s levels as a raging coronavirus outbreak continues to weigh on consumption in Latin America’s largest economy.
• Sales increased 13.9% from April, more than double what economists expected and the largest monthly jump in a series dating back to January 2000. From the prior year, sales dropped 7.2%, the national statistics agency reported on Wednesday.
• The figures reflect the reopening of some stores as public authorities ease restrictions imposed during the pandemic and also the extremely low comparison basis of April.

(Source: Bloomberg)