Australia: Retail sales recover in August
September 2, 2015
Nominal retail sales recorded a 0.4% increase in August over the previous month, in seasonally-adjusted terms, which contrasted the 0.1% decrease recorded in July. The figure was well above the flat growth that the markets had expected. Food retailing was the largest contributor to August’s result, while clothing, footwear and personal accessory retailing observed the largest contraction.
On a year-on-year basis, the pace of growth in retail sales slowed from a 4.6% increase July to a 3.8% expansion in August. Annual average growth in retail sales in August was level with July’s result of a 4.6% increase.
Author: Robert Hill, Economist