Australia: Retail sales pick up in September
November 5, 2012
In September, retail sales expanded a seasonally adjusted 0.5% over August, which was up both from the 0.3% increase recorded in the previous month and market expectations of a 0.4% rise. Despite the monthly improvement, nominal retail sales only rose 2.6% over the same month last year, which marked a slowdown compared to the 4.6% increase recorded in August. As a result, the trend remained stable, as annual average growth in retail sales was unchanged at August's 3.4%. In addition, Australian Bureau of Statistics (ABS) also released quarterly figures for retail trade in real terms. In the third quarter, retail trade contracted 0.1% compared to the previous three-month period, contrasting the 1.2% increase in Q2 but coming in slightly above market expectations of a 0.2% drop. The result marked the first contraction after six consecutive quarters of positive growth in retail sales.
Author: Armando Ciccarelli, Head of Data Solutions