In October, retail sales rose 1.2% in nominal terms over the same month last year, according to the Australian Bureau of Statistics (ABS). The result came in at a fraction of the 4.5% increase recorded in the previous month and marked the smallest increase in retail sales since June this year. On a month-on-month basis, retail sales dropped a seasonally adjusted 1.1%, contrasting both the 0.1% monthly increase recorded in September and market expectations that retail sales would grow 0.3%. The monthly result represented the first contraction in retail sales since February this year. Owing to the dismal October reading, the annual average variation in retail sales dropped from 3.6% in September to 3.3%, continuing the virtually uninterrupted downward trend in place since March this year and marking the lowest result since April 2006.
Retail sales disappoint in October
December 2, 2010
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Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.