Australia: Yearly retail sales growth falls in January
March 4, 2016
Nominal retail sales climbed 0.3% in January over the previous month in seasonally-adjusted terms, up from the flat growth record in December. The figure surprised analysts on the downside, as they had expected a 0.4% increase. Retail volumes for household goods, food, and clothing observed the strongest increases, while department stores and restaurants showed the weakest readings.
On a year-on-year basis, the pace of growth in retail sales decelerated from a 4.7% increase in December to a 3.1% expansion in January, which marked the smallest expansion since September 2013. As a result, annual average growth in retail sales in January inched down from a 4.3% increase in December to a 4.2% rise.
Author: Robert Hill, Economist