Australia: Growth in retail sales accelerates in September
November 4, 2016
Nominal retail sales growth accelerated in September, coming in at 0.6% over the previous month in seasonally-adjusted terms, up from August’s 0.5% reading. The figure overshot market expectations of a 0.4% increase and marked the highest reading since June 2015. Household goods retailing led the way as the fastest growing component of the index this month. Growth in sale volumes for cafes and restaurants and takeaway food services, as well as for department store sales also contributed to the overall increase in retail sales. However, a drop in clothing and footwear retailing dragged on growth.
On a year-on-year basis, the pace of growth in retail sales accelerated from 3.0% in August to 4.2% in September. Thanks to September’s upswing, annual average growth in retail sales halted its downward spiral, edging up from 3.8% in August to 3.9% in September.
Author: Christopher Mc Innes, Economist