Australia: Growth in retail sales slows slightly in October
December 2, 2016
Nominal retail sales growth slowed slightly in October, registering a 0.5% month-on-month rise in seasonally adjusted terms, below September’s 0.6% increase but overshooting analysts’ expectations of 0.3% growth. Growth was driven by greater sales in the food, household goods and cafes, restaurants and takeaway services subgroups, while retail sales in the clothing, footwear and personal accessory subgroup fell.
On a year-on-year basis, retail sales growth fell from a revised 4.4% in September (previously reported: +4.2% yoy) to 2.1% in October, marking the lowest reading in over three years. Annual average growth in retail sales edged down from 4.1% in September to 3.9% in October.
Author: Oliver Reynolds, Economist