Australia: Retail sales growth jumps in October
Retail sales climbed 4.9% in month-on-month seasonally-adjusted terms in October, which followed September’s 1.3% increase and benefited from easing Covid-19 restrictions.
The headline reading reflected expansions in housing goods retailing; clothing, footwear and personal accessory retailing; department stores; and, cafes, restaurants and takeaway food services. This more than offset a slight contraction in food retailing.
In annual terms, retail sales expanded 4.6% in October, following the 1.9% increase logged in September. Meanwhile, annual average growth in retail sales eased to 6.3% in October from 6.6% in September.