Brazil’s retail sales in May fell more than forecast by all but one analyst, prompting Goldman Sachs Group Inc. to predict a deeper recession in 2015. Swap rates fell.
Sales fell 0.9 percent after a revised 0.5 percent decline in April, the national statistics agency said in Rio de Janeiro. That was worse than the median 0.3 percent dip estimated by 33 economists surveyed by Bloomberg.
The fourth consecutive drop reflects the impact of higher joblessness, accelerating inflation and near record-low consumer confidence in Latin America’s largest economy. The slowdown in families’ spending, which has been the motor of economic growth for the last decade, has been exacerbated by policy makers raising borrowing costs to damp price increases.
Brazil Energy Insight 
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