Australia: Growth in retail sales inches down in June
August 4, 2016
Nominal retail sales climbed 0.1% in June over the previous month in seasonally-adjusted terms, down from the 0.2% increase recorded in May. The figure vastly undershot market expectations of a 0.4% increase. Retail volumes for clothing, footwear and personal accessories as well departments saw the largest increases, while sales of food tallied the largest drop.
On a year-on-year basis, the pace of growth in retail sales rose from 2.4% in May to 3.5% in June. Despite the solid increase, annual average growth in retail sales in June edged down from 4.3% in May to 4.1%.
Author: Robert Hill, Economist