Australia: Growth in retail sales inches up May
July 5, 2016
Nominal retail sales climbed 0.2% in May over the previous month in seasonally-adjusted terms, up from the 0.1% increase recorded in April. The figure marginally undershot market expectations of a 0.3% increase. Retail volumes for miscellaneous goods and restaurant food saw the largest increase, while sales of household goods and department store retailing were virtually unchanged.
On a year-on-year basis, the pace of growth in retail sales fell from 4.9% in April to 2.4% in May. As a result, annual average growth in retail sales in May inched down from 4.4% in April to 4.3%.
Author: Robert Hill, Economist