Australia: Retail sales moderate in June
August 4, 2011
In June, retail sales rose 1.9% in nominal terms over the same month the year before, according to the Australian Bureau of Statistics (ABS). The result came in slightly above the 1.6% increase recorded in May. On a month-on-month seasonally-adjusted basis, retail sales contracted 0.1% over May, which improved compared to the 0.6% drop recorded in the previous month, but undershot market expectations of a 0.3% rise. As a result, the trend improved as annual average growth in retail sales inched up from 2.5% in May to 2.6%. In addition, the ABS released quarterly figures for retail trade in real terms. In the second quarter, retail trade expanded 0.5% over the same quarter the previous year, marking the first positive quarterly reading after retail trade stayed flat in Q1 2011 and contracted 0.4% in Q4 2010.
Author: Armando Ciccarelli, Head of Data Solutions