Australia: Retail sales in July fall for the first time in over a year
September 3, 2015
Nominal retail sales recorded a decrease of 0.1% in July over the previous month, in seasonally-adjusted terms, which was a deterioration over the 0.6% increase recorded in June and the lowest figure recorded since May 2014. The figure was well below the 0.4% increase that the markets had expected.
On a year-on-year basis, the pace of growth in retail sales slowed from a 5.3% increase June to a 4.6% expansion in July. Annual average growth in retail sales inched down in July, from 4.8% in June to 4.6%, marking the lowest reading in 11 months.
Author: Robert Hill, Economist