Australia: Retail sales expand at a steady pace in June
Nominal retail sales growth in June came in at 0.4% over the previous month in seasonally-adjusted terms, matching May’s reading and coming in above market expectations of a more moderate 0.3% rise. Three consecutive months of relatively healthy growth in retail sales bodes well for consumer spending, which made only a small contribution to growth in the first quarter.
Higher sales of food and household goods; higher sales in cafes, restaurants and takeaway food services; and another notable increase in sales in clothing, footwear and personal accessories retailing more than offset lower sales in department stores.
In annual terms, retail sales expanded 2.6% in June, below May’s 3.3% increase. Consequently, growth in annual average retail sales inched down to 2.5% in June from 2.6% in May.