Australia: Retail sales below expectations in third quarter
October 5, 2010
In September, retail sales rose 4.5% over the same month last year in nominal terms, according to the Australian Bureau of Statistics (ABS), which was above the 3.5% expansion recorded in the previous month. On a month-on-month basis, retail sales grew a seasonally adjusted 0.3%, the same pace as in August. Owing to the September pick-up, annual average variation in retail sales remained unchanged at August's 3.6%, halting the downward trend in place since March this year. Meanwhile, the quarterly retail trade gauge released by ABS, which measures retail sales in real terms, increased 0.7% annually in the third quarter. The figure came in below the increase 1.0% increase recorded in the previous quarter and also fell short of market expectations of a 1.1% rise.
Author: Armando Ciccarelli, Head of Data Solutions