Australia: Retail sales slump in December
Nominal retail sales in December plunged 4.1% over the previous month in seasonally-adjusted terms, swinging from November’s 7.1% surge.
Particularly pronounced decreases were recorded in household goods retailing, clothing, footwear and personal accessory retailing, department stores and other retailing, while cafes, restaurants and takeaway food services saw a healthy increase.
In annual terms, retail sales grew 10.3% in December, following November’s 12.1% surge. Meanwhile, annual average growth in retail sales rose from 5.8% in November to 6.6% in December, marking the best reading since July 2008.