The Federal Statistical Office said German retail sales dropped unexpectedly in the early shopping season in November, according to AP. The agency reported Thursday that sales were down 0.9 percent during the month according to seasonally adjusted data, following a 0.2 percent drop in October. According to provisional data, retail sales were up 0.8 percent in November over the same month the year before. Based on the first 11 months of the year, the agency says overall retail sales for 2011 are expected to be 1.1 to 1.3 percent higher than the year before. UniCredit economist Alexander Koch says sales are expected to have picked up in December but that the November numbers are "clearly disappointing."
