Australia: Retail sales show signs of life in October after a soggy Q3
December 5, 2017
Nominal retail sales in October rose 0.5% from the previous month in seasonally adjusted terms, up from September’s revised 0.1% increase (previously reported: 0.0% month-on-month) and beating market expectations. The rise came on the back of growth in the food and cafés, restaurants and takeaway sub-sectors, among others.
On a year-on-year basis, retail sales expanded 1.6% in October, up from 1.1% in September. However, the expansion was still muted by recent historical standards, as wage growth remains limp and households remain highly indebted. Annual average retail sales growth edged down from 2.7% in September to 2.6% in October.
Author: Oliver Reynolds, Economist