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Australia Retail July 2018

Australia: Retail sales growth flat in July

Nominal retail sales growth in July was flat over the previous month in seasonally-adjusted terms, following June’s 0.4% expansion. This was below market expectations of a 0.3% rise. Tightening lending conditions, subdued wage growth and falling house prices were likely behind July’s disappointing print.

Lower sales of household goods; clothing, footwear and personal accessory; and lower sales in department stores offset higher sales in cafes, restaurants and takeaway food services; and food.

In annual terms, retail sales expanded 2.6% in July, matching June’s increase. Consequently, growth in annual average retail sales in July was unchanged at June’s 2.5%.

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