Australia: Retail sales pick up in August
October 5, 2011
In August, retail sales rose 2.5% in nominal terms over the same month the year before, according to the Australian Bureau of Statistics (ABS). The result was more than three times the 0.8% increase recorded in July. On a month-on-month seasonally-adjusted basis, retail sales expanded 0.6% over July, which mirrored the result recorded in the previous month and was above market expectations of a 0.2% rise. Despite the positive reading, the trend deteriorated as annual average growth in retail sales edged down from 2.5% in July to 2.3%.
Author: Armando Ciccarelli, Head of Data Solutions