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Sweden’s retail sales fell in August from a year earlier at their fastest pace in almost three decades, as consumers mainly cut spending on durable goods, adding to concerns of a rapid cooldown in the largest Nordic economy.
Retail sales fell 0.4% from July, the fourth monthly decline in a row, Statistics Sweden said in a statement. The decline was 5.1% on year, the biggest since June 1993 — a period when the country was still wrestling with soaring unemployment in the wake of a financial crisis that crippled the banking sector.
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