Australia: Growth in retail sales resumes in August
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. The figure overshot market expectations of a 0.2% increase and marked the highest reading in just under a year. Department store sales regained some of the ground lost in July: they were the fastest growing component of the index this month. Growth in sale volumes for cafes and restaurants and takeaway food services, food retailing and household goods retailing 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 2.0% in July to 3.0% in August. Despite August’s upswing, annual average growth in retail sales continued its downward trend, edging down from 3.9% in July to 3.8% in August.
Author: Christopher Mc Innes, Economist