Australia: Retail sales inch up in May
July 3, 2015
Nominal retail sales recorded an increase of 0.3% in May over the previous month in seasonally-adjusted terms, which contrasted the 0.1% decrease recorded in April. Despite the rebound, the result was still below the 0.5% increase that the markets had expected.
On a year-on-year basis, the pace of growth in retail sales inched up from a 3.6% expansion in April to a 3.8% increase in May. Annual average growth in retail sales ticked down from April’s 4.9% to 4.8% in May, marking the lowest reading in 11 months.
Author: Robert Hill, Economist