Australia: Retail sales unexpectedly drop in November
January 9, 2013
In November, retail sales dropped 0.1% over October, which was down from the flat reading recorded in the previous month and contrasted market expectations of a 0.3% rise. Despite the negative reading, nominal retail sales rose 3.7% over the same month the previous year, which marked an acceleration compared to the 3.0% increase recorded in October.
As a result, the trend improved, with annual average growth in retail sales inching up from 3.4% in October to 3.5% in November.
Author: Armando Ciccarelli, Head of Data Solutions