Australia: Retail sales disappoint in October
December 2, 2010
In October, retail sales rose 1.2% in nominal terms over the same month last year, according to the Australian Bureau of Statistics (ABS). The result came in at a fraction of the 4.5% increase recorded in the previous month and marked the smallest increase in retail sales since June this year. On a month-on-month basis, retail sales dropped a seasonally adjusted 1.1%, contrasting both the 0.1% monthly increase recorded in September and market expectations that retail sales would grow 0.3%. The monthly result represented the first contraction in retail sales since February this year. Owing to the dismal October reading, the annual average variation in retail sales dropped from 3.6% in September to 3.3%, continuing the virtually uninterrupted downward trend in place since March this year and marking the lowest result since April 2006.
Author: Armando Ciccarelli, Head of Data Solutions