Australia: Growth in retail sales stalls in July
September 1, 2016
Nominal retail sales were flat in July compared to the previous month in seasonally-adjusted terms, down from the 0.1% increase recorded in June. The figure undershot market expectations of a 0.4% increase. Retail volumes for food retailing, cafes and restaurants, as well as for clothing, footwear and personal items, saw the largest increases, yet they were cancelled out by a sharp drop in department store sales.
On a year-on-year basis, the pace of growth in retail sales slowed from 3.5% in June to 2.0% in July, its softest reading in over three years. With July’s disappointing print, annual average growth in retail sales continued its downward trend, edging down from 4.1% in June to 3.9% in July.
Author: Christopher Mc Innes, Economist