Australia: Retail sales moderate in May
July 4, 2011
In May, retail sales rose 1.6% in nominal terms over the same month the year before, according to the Australian Bureau of Statistics (ABS). The result came in below the 4.0% increase recorded in April. On a month-on-month basis, retail sales contracted 0.6% over April, contrasting the 1.2% increase recorded in the previous month and defying market expectations of a 0.3% rise. The May reading saw the trend turn positive as annual average growth in retail sales inched up from 2.4% in April to 2.5%.
Author: Armando Ciccarelli, Head of Data Solutions