Australia: Retail sales soften in May
July 4, 2017
Nominal retail sales in May expanded 0.6% month-on-month in seasonally adjusted terms, down from the 1.0% increase registered in April. The increase was driven by higher sales in the household goods retailing and the restaurant and take away food categories, offsetting losses in the clothing, footwear and personal accessory retailing category.
On a year-on-year basis, retail sales expanded 4.1% in May, up from 2.5% in April. Annual average growth in retail sales inched up from 2.8% in April to 2.9% in May.
Author: Christopher Mc Innes, Economist