Australia: Retail sales decelerate in July
September 1, 2011
In July, retail sales rose 0.8% in nominal terms over the same month the year before, according to the Australian Bureau of Statistics (ABS). The result more than halved the 1.9% increase recorded in June. On a month-on-month seasonally-adjusted basis, retail sales expanded 0.5% over June, which contrasted the 0.1% drop recorded in the previous month and marked a rebound in retail sales after two consecutive monthly contractions. In addition, the result was above market expectations of a 0.1% rise. Despite the positive reading, the trend deteriorated as annual average growth in retail sales inched down from 2.6% in June to 2.5%.
Author: Armando Ciccarelli, Head of Data Solutions