On the face of it, the rebound in retail sales in advanced economies suggests that the consumer sector is leading a V-shaped economic recovery. But other types of spending, including on consumer services, has been far weaker, and the import-intensity of the retail revival has meant that some of the economic benefits have been felt in China rather than in the DMs themselves.

Read the publication Rebound in DM retail sales less positive than it seems on the Capital Economics Website.

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