Australia: Retail sales drop at sharper pace in seven months in July
September 3, 2021
Retail sales fell 2.7% in month-on-month seasonally-adjusted terms in July, which followed June's 1.8% decrease. July's result marked the worst reading since December 2020.
The headline reading reflected contractions in housing goods retailing; clothing, footwear and personal accessory retailing; department stores; and, cafes, restaurants and takeaway food services. This more than offset growth in food retailing.
In annual terms, retail sales fell 2.9% in July, contrasting the 2.9% expansion logged in June. Meanwhile, annual average growth in retail sales eased to 7.5% in July from 8.9% in June.